Forecasting is an important skill for all managers and plays a significant role in the success of product innovation. Product managers forecast expected sales and costs to establish a business case as context for new product development. Forecasts are also used to plan manufacturing and resourcing (materials and talent) throughout the life cycle of a product.
Both qualitative and quantitative methods are deployed in successful product forecasting. There are many statistical methods used to build accuracy in forecasts. Benchmarking is a form of forecasting to compare against world-class and average competitors.
Course Objectives
- Define forecasting for product management
- Understand the various time horizons and models for forecasting
- Explain special factors and accuracy of a new product forecast
- Use sample data to create a quantitative sales forecast
This course takes about one hour to complete. With a passing score of 80% or greater on the final quiz, each participant can download a Completion Certificate showing 1 PDH. You will be able to access the Completion Certificate through the “My Account” setting.
