Banish Bias From Your Demand Forecast!

Demand forecasting would be a snap – if only people weren't involved. Retailers and manufacturers struggle to match forecasts with actual purchasing patterns. Much of the time they fail – and, despite the growing sophistication of software and analytics tools, they don't seem to be getting much better at the task. One problem is the growing complexity of markets, products and consumer demand. But the biggest obstacle might be one that's simply part of human nature: bias. In this episode, we hear from distinguished planning and forecasting expert Dr. Chaman L. Jain, professor of economics at St. John's University. He lays out some of the pitfalls that cause forecasters to deviate from the truth. And he offers some tips on how they can be avoided.