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Understanding Forecasting in Decision Support Systems

Master various decision support systems and forecasting techniques with this free online management course.

Publisher: NPTEL
Would you like to learn how to make better professional decisions and draw on cutting-edge forecasting technologies? This free online course explains how such technology helps managers predict marketing or sales trends. This enables them to make smarter choices that boost profits and growth by optimizing resource-use and targeting areas for improvement. Software can aid this process as it cuts down on human error and provides unbiased guidance.
Understanding Forecasting in Decision Support Systems
  • Duration

    1.5-3 Hours
  • Students

    81
  • Accreditation

    CPD

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Description

Modules

Outcome

Certification

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Description

What is ‘forecasting’ and how can it help managers make better decisions? This free online course answers such questions and explains how decision support systems (DSS) can streamline and improve the workplace. Software-driven forecasting features in many fields as complexity and circumstances intensify and it becomes impracticable for a human brain to handle all the data it needs to consider to predict future business developments. Such forecasting is mostly used to analyze data to find patterns and to predict future trends. We explore various DSS systems used when forecasting and establish their design, characteristics, pros and cons. This is not a new strategy and has long been used to predict the weather or for agriculture - but now we have technology that can optimize the process.

This course lays out the different DSS that supports managers and shows you how they can utilize forecasting to reduce cost and increase workplace efficiency. A business needs a clear vision of the future to succeed and support systems give managers and decision-makers a foundation on which to build that perception. Each operative group within a business gains from an accurate forecast and we demonstrate its value in informing decisions regarding resource allocation and cost and profit estimations. Many medium to large enterprises cite forecasting as an integral part of their operation. 

Forecasting and its related support systems will almost certainly be used in the business world for some time to come as it provides vital predictions of the future. Managers must plan ahead and the kind of software we examine can help them do so. For example, an optimistic forecast might inspire investors to put money into a business while a pessimistic one would suggest the need for caution. This course suits any business owners or operative managers who would like to predict market trends and so on. We can help you master the technology that guides smart decision-making as it cuts down on human error and the role of emotional bias.

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