Advanced Data Analysis: The Power of Forecasting & Decision Tools for Managing Risks
Forecasting and Decision Tools

Many managerial decisions rely on forecasts. A fast-food restaurant planning its staffing requirements must forecast the customer demand as a function of time. A company planning its production schedule must forecast customer demand so that it can stock appropriate quantities.

Formal mathematical techniques are often not used due to a lack of knowledge or formal training. As a result, companies are faced with problems created by inadequate forecasting or guesswork. The application of more sophisticated techniques is no guarantee of perfectly accurate forecasts, however they are useful decision tools that can reduce risk and improve the accuracy of forecasts.

This is a basic, hands-on workshop that provides managers with an understanding of regression and the skills necessary to create forecasts. By the end of the workshop, attendees will understand basic regression theory, gain insights into modeling variables and constructs, and have applied these theories and constructs to real-world situations.

Workshop Content

Topics include:

• Forecasting Methods
• Regression Basic Concepts
• Using Scatterplots to Graph Relationship
• Using Scatterplots to Examine Relationship
• Using StatPro’s Multiple Regression Procedure
• Modelling Non-linear Relationships
• Time Series Plot
• Combining Trends