I am pleased to announce the completion of my new book, “Fundamentals of Demand Planning & Forecasting.” To me, this is the most comprehensive book written in the area of demand planning and forecasting, covering practically every topic which a demand planner needs to know.
This book discusses not only the different models of forecasting in simple and layman terms, but also how to use forecasts effectively in business planning. The material covers forecasting processes from Silo to Consensus Forecasting to Sales & Operation Planning(S&OP) to Collaborative Planning, Forecasting and Replenishment (CPFR) to Integrated Business Planning (IBP). The book then moves on to describe how each one of these processes improves over the other. It gives many real life cases and examples to make its point. No matter how accurate forecasts are they have no value unless they are used. For that, the book explains how to report, present and sell forecasts to management.
Also, since nothing improves unless it is measured, the book discusses in detail key performance indicators, which are used or should be used in business. This is also supported by examples of what we can do to improve forecasts. Above all, it brings out a number of worst practices adopting the premise that once companies recognize what they are doing wrong, they will do something about it. In this book you will also find the criteria for selecting a forecasting & planning package or system and more.
The Book shares benchmarking research data collected by the Institute of Business Forecasting & Planning (IBF). Readers will find this information useful in terms of deciding where the forecasting function resides at companies, forecast error across multiple industries, product levels, and horizons, and so much more.
“Fundamentals of Demand Planning & Forecasting” is especially geared towards those who have just entered the field of demand planning, forecasting, and S&OP or want to know more about it. It is written in a simple language so that a person with little or no knowledge about the field and/or statistics can follow it. Although, the book is appropriate for beginners, persons already in the field will find significant value as well.
Finally, the new book will support IBF Certification, as it will be included in the study materials that a candidate will receive when they register to take the IBF’s Certified Professional Forecaster (CPF) and Advanced Certified Professional Forecaster (ACPF) exams. IBF’s certifications are known across the world to increase the probability of S&OP success and increase the value of any team whose members hold them.
This book is the result of decades of experience in demand planning and forecasting as a researcher, practitioner, and academician. I’ve dedicated most of my professional career to business forecasting & planning and am pleased to offer you this book. I hope you enjoy this masterpiece. Feel free to share your comments and questions, as I would enjoy hearing from you.
Dr. Chaman L. Jain
Chief Editor, IBF’s Journal of Business Forecasting
Professor, St. Johns University (New York USA)
“This is much more than another dry book about forecasting. Yes, the math is there, but it is much more than that, with over 40 years of experience and real life examples where the function is at the moment, how we got here and most importantly where we are going. Whether you are just getting into the vocation or an executive looking to take your Demand Planning to the next level, make sure to pick up this book to ensure your organization is heading in the right direction.”
—Michael Wachtel, Vice President of Demand Planning, L’OREAL
“The authors have captured the key issues of managing a world-class Demand Planning process. The book strips down a complex subject to its essential elements and explains them clearly and concisely. They use practical, real world examples to illustrate the concepts presented. It is a must for managers responsible for improving their organization’s Demand Planning capability or someone new to Forecasting who needs to understand the basics of proper data selection, forecasting models, or improvement metrics.”
—George Hesser, Demand Management Process Manager, E.I. DUPONT DE NEMOURS
“The authors thoroughly detail current best practices in Forecasting, Demand Planning, and Sales and Operations Planning (S&OP) across all types of industries. It is an excellent educational resource for both the novice forecaster and the experienced planning professional.”
—Richard Herrin, Director of Supply Chain, GEORGIA GULF CORPORATION
“The book is an important contribution to Forecasting and Planning literature, written by authors who have had their pulse on Business Forecasting and Planning for decades. They’ve done an excellent job in blending the body of knowledge from various sources, along with their own practical business and teaching experiences, to produce a very readable book that bridges theory with what is really going in Business Forecasting and Planning. My kudos goes to them!”
—Larry Lapide, Research Affiliate, MIT CENTER FOR TRANSPORTATION & LOGISTICS
“This is a ‘How to Book’ every Forecaster and Planner should have on their desk! The book has provided the Forecasting and Planning community a well balanced view of the science and art of creating a forecast in a very conversational tone. Using real world examples, the authors explain ‘What needs to be done, Why to do it, and How to do it.’ I appreciate the authors for taking the time and effort to put down on paper a summary of their 40+ years of insight, which includes the experience from leaders the IBF has brought together over the years. This is a beautiful work of substance, built on real world experience, and skillfully articulated that anyone in the Planning organization could benefit. Well done!”
—Mark Covas, Senior Director Demand Planning–NACP, GEORGIA PACIFIC
“It is surprising how some senior leaders lack the needed understanding of Demand Planning & Forecasting. They often oversimplify, are mystified, or sometimes just plain wrong in how they think about Demand Planning. This book is an excellent Demand Planning guide, from the process to techniques to metrics to data to systems; it is not just for the novice, but also for practicing professionals. Leaders will find it perfect to educate their teams, peers, and management on critical business processes that keep the supply chain in motion. This book will be a must read for members of my team.”
—Todd Gallant, Senior Director, Timberland Operations, VF CORPORATION
“I found the book to be highly comprehensive and readable, an accomplishment in the often technical subject of forecasting. I would recommend the book to any Demand Planning practitioner as a practical way of maintaining current knowledge in this rapidly changing field.”
—Jay Nearnberg, Director, Global Demand & S&OP Excellence, NOVARTIS CONSUMER HEALTH
“This work is a great foundational book for anyone working in the Forecasting and Demand arena. It provides loads of information in a thorough yet concise manner. Definitely a must have for your library.”
—Curtis Brewer, Head of Forecasting–Environmental Science USA, BAYER CROPSCIENCE
“The book provides a comprehensive review of the Fundamentals of Business Forecasting. It goes well beyond the typical analytical modeling that most forecasting books emphasize. It highlights the relevant and timely business implications of Forecasting and its importance in strategic business processes. Anyone wishing to improve their Business Forecasting results should read.”
—Deborah F. Goldstein, Vice President, Industrial Demand Planning & Customer Fulfillment, MCCORMICK USIG