Combining mathematical forecasting with intuitive techniques for better decision making

  • Authors:

  • R. Siriram

  • Affiliations:

  • Dimension Data Middle East Africa, Johannesburg, South Africa

  • Venue:
  • MMES'10 Proceedings of the 2010 international conference on Mathematical models for engineering science
  • Year:
  • 2010

Quantified Score

Hi-index 0.00

Visualization

Abstract

Mathematical models are used to forecast new product sales. Forecasting using mathematical methods have been criticized by many researchers, as the forecasts are often not sufficiently accurate to be applied to business decisions. Forecasting new product sales may be improved by using intuitive techniques. In this paper intuitive techniques are applied to mathematical forecasting models. A growth curve predication model is developed; in addition a reference data set is used to validate the outputs, providing important lessons for managers.