Awareness and use of forecasting techniques in british industry

Abstract

Abstract The paper summarizes results of a mail survey of the use of formal forecasting techniques in British manufacturing companies. It appraises the state of awareness of particular techniques and the extent to which they are used in various functional applications. The extent to which the forecasts generated by the techniques influence company action is assessed; and the reasons for the non‐use of particular techniques examined. The paper concludes that although an increasing number of companies appreciate the importance of forecasting, the methods used are predominantly naïve and few companies are taking steps to improve the situation through using alternative techniques or through computerizing established techniques.

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