Project Overview
This project was focused on the development of a demand forecasting model, in order to help with production planning and minimise the uncertainty in inventory and capacity decisions. Using mock-up demand data, I compared several approaches to forecasting future demand, such as exponential smoothing, moving averages and trend regression to analyze which approach delivered the most accurate and reliable forecast possible. Accuracy was measured using Mean Absolute Deviation (MAD) to find the best model for what demand will be in the future. The end result was to give data-driven suggestions to steer production planning, resource design as well as cost planning.
My Contributions
I did the entire forecasting analysis, including creating forecast models in Excel and comparing the performances of each method to identify the best available method of forecasting. In addition, I interpreted the results and translated the quantitative insights into recommendations for production actions that help to demonstrate the role of forecasting in support of strategic planning of the operation.
