New Product Forecasting Using Machine Learning

New Product Forecasting Using Machine Learning
Course Fee : USD 30 / INR 1,920

Other Courses

  1. Business Planning & Forecasting
  2. Demand Planning Function & Process
  3. Predictive Analytics : Exponential Smoothing
  4. Predictive Analytics : ARIMA
  5. Predictive Analytics : Simple & Intermittent Models

Description

All businesses introduce new products for various reasons. The new products poses challenge for the planners and marketing executives to estimate the demand for them for merchandise and supply planning purposes. The primary reason being the lack of historical data that can be used for forecasting.

This course addresses this challenge by discussing concepts and techniques available for forecasting demand of new products. These techniques are ‘By Analogy’ and ‘Bass Diffusion’ including a live demonstration using a planning software.

While Analogy is the more popular technique, the issue most planners face in this technique is in choosing the right analogue product. The course also discusses the clustering technique that can be deployed to help pick the right analogue product to assist in this technique.

Target Audience

  • Supply chain professionals
  • Demand planning professionals
  • Business planning professionals
  • Data analytics professionals
  • Management students
  • Marketing professionals

Curriculum

  • Introduction to new product forecasting
  • Need for new products & classification
  • New product forecasting methods
  • Forecasting by analogy
  • Selecting similar product by machine learning
  • Forecasting new to the world product
  • Demo using a forecasting software

What will You Learn

  • What are new product forecasting methods
  • How to pick a right similar product using machine learning
  • How to forecast for new products using a forecasting software

Requirments

  • Basic understanding of planning process
  • Basic understanding of statistics

Includes

Understanding new product forecasting
1 hr On Demand Video With Voice
9 lectures
Full lifetime access
Certificate of completion