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Conceptual Approach to Forecasting Demand

Author

Listed:
  • Andreishina Nataliia B.

    (Classic Private University)

Abstract

The article considers a conceptual approach to forecasting demand on products of a production or trading company using economic and mathematical methods. It justifies importance of modelling and forecasting consumer demand on goods. It provides a classification of methods of forecasting demand in two dimensions: from subjective to objective ones and from na?ve to cause-effect ones. It systemises groups of factors that influence demand and analyses character of their influence. It develops a concept of forecasting demand on products of a company using economic and mathematical methods, which consists of four stages: identification of factors that influence demand, selection of mathematical dependence, check of adequacy and accuracy of the model and forecast of demand. It builds forecast demand models for a specific trading company: Brown's adaptive polynomial model of the first order; and two-factor model, demand in which depends on the price of a good and its changes. It checks adequacy of each model and performs forecast of demand on products of a company.

Suggested Citation

  • Andreishina Nataliia B., 2013. "Conceptual Approach to Forecasting Demand," Business Inform, RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE), Kharkiv National University of Economics, issue 6, pages 120-124.
    • Handle: RePEc:idp:bizinf:y:2013:i:6:p:120_124
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