The Role of IT in Forecasting

Keep in mind that none of these tools is foolproof. Forecasts are virtually always inaccurate. A good IT system should help track historical forecast errors so they can be incorporated into future decisions. A well-structured forecast, along with a measure of error, can significantly improve decision making. Even with aU these sophisticated tools, sometimes it is better to rely on human intuition in forecasting. One of the pitfalls of these IT tools is relying on them too much, which eliminates the human element in forecasting. Use the forecasts and the value they deliver, but remember that they cannot assess some of the more qualitative aspects about future demand that you may be able to do on your own. 

A detailed list of forecasting software vendors is reported in the OR/MS Today forecasting software survey, and a discussion of each vendor is available at http //www.lionhrtpub.com/ orms/surveys/FSS/fss-fr.html. 

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