HOW DOES THE TREND FORECASTING PROCESS WORK?
The answer to this question is dependent on the timescale involved. If it starts to rain on a Saturday afternoon it is clear that more umbrellas may be sold in the next half an hour without the need for too much complex analysis. If we are looking 2-3 years ahead of the current selling season then more detailed research is required. Trend forecasting works in a similar manner regardless of the industry. To forecast a trend it is essential to have a good understanding of the present – ‘Where are we now’, this means what is going on in our world today, and what effect does this have on the consumer? For this it is essential to have a good handle on news, current affairs, economics, cultural and creative happenings and socio-economic trends. People make different choices based on their emotional connection with the present, which is why their future feelings can be second guessed by looking at the factors that may affect the future. These factors are often socio-economic, political, techn
Related Questions
- If I use Business Process Monitoring in order to monitor job runtimes, is it then also possible to report on the trend how the runtime evolved over the last couple weeks or months?
- What is so important about the use of trend forecasting, and why should industry players invest in it?
- How many process variables can be displayed in the BIOSTAT® Bplus trend display?
