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Trainee BB stuck and seeking advice

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  • #42583

    strugglin
    Member

    I am working on my first project and I am stuck, I want to know what is the best tool to use in relation to my project, I have data over a three month period of sales and forecasts and another form of forecast i can see what is better but what tools best support my findings

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    #134530

    Mr IAM
    Participant

    What are you trying to compare? Forecasted to Actual for the two forecasting methods?  If so, how about correlation or regression? Or, maybe even a paired-T would be more powerful in detecting a difference – be sure to have your data matched by month however.

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    #134540

    yaser huda khan
    Member

    Strugglin
    How are you able to see which forecast is better? What tool are you using to come to that conclusion? What is your objective ? Are you just trying to identify which forecast is better or do you have a broader objective than that?
    The answer to your question about which tool to use depends on the objectives and type of data. Please answer the questions above, you will get more help once the forum understands your need better.
    AB

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    #134541

    AB
    Participant

    Ok… I need more coffee. But you can bet I am not the original Yaser Huda Khan.

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    #134694

    strugglin
    Member

    I am comparing both forecasts methods against actual customer orders and I have looked at forecast and actual orders for the last 6 months I also have when each forecast was over or under and the cost implicated with that due to holding too much stock based on unit price.
     
    I am just confused as to what to do next
     

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