Sales Forecasting: What Are the Best Statistical Methods to Use?

Can anybody suggest suitable statistical methods for forecasting sales?

First, if you are starting a new business or running a business, in the case of a running business, gather the previous sales targets and compare the difference between the actual and forecasted sales. Generate a factorial list that affects the nature of your business, e.g., a boom in population or new laws, etc. Over the years, keep tabs on the changes happening in the news. Gather stats that prove the increase in sales achievements. A combination of the above data can help you determine your new sales forecast.

For a new business, JUST DO YOUR HOMEWORK BEFORE YOU STEP INTO THE MARKET!

Cheers

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Hi Mohit,

I used to teach operations management, and demand forecasting was one of the topics. You have not provided any information regarding whether you have historical data or not. I suggest that you read the material available at the following site and select the most appropriate method.

Have a nice day.

Simhan

[Forecasting](http://brunel.ac.uk)