Probabilistic sales forecasting for Small and Medium-Size Business Operations

• Main Author: DURAN, Randall E.
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2008
• Subjects: Business Operation; Monte Carlo Technique; Monte Carlo Analysis; Sales Revenue; Closure Date; Databases and Information Systems; Management Information Systems
• Online Access: https://ink.library.smu.edu.sg/sis_research/6494; https://ink.library.smu.edu.sg/context/sis_research/article/7497/viewcontent/Probabilistic_Sales_Forecasting_for_Small_and_Medium_Size_Business_Operations.pdf
• Institution: Singapore Management University

One of the most important aspects of operating a business is the forecasting of sales and allocation of resources to fulfill sales. Sales assessments are usually based on mental models that are not well defined, may be biased, and are difficult to refine and improve over time. Defining sales forecas...