Demand Forecasting: Model Initiation

This lecture covers the process of demand forecasting, starting with determining the purpose of the forecast and selecting a forecasting method. It then delves into model initiation, including identifying trends, seasonal components, and the base level. The instructor explains the steps to make the initial forecast model, validate the model, and monitor forecast errors using techniques like Holt & Winter models and exponential smoothing. The lecture also discusses the optimization of smoothing coefficients and the performance evaluation of forecasting models.