With expertise in demand planning and forecasting, Jonathon Karelse currently serves as a partner with NorthFind, a sales and operations planning firm that works with global manufacturing companies such as Molex and Meggitt. As a recognized thought leader in the demand-planning industry, Jonathon Karelse’s work has been referenced in numerous industry publications, including the Institute of Business Forecasting and Planning’s Journal of Business Forecasting (JBF).
IBF recently published an article in its Journal of Business Forecasting (JBF) titled Innovations in Business Forecasting, which was authored by Charles W. Chase, Jr. According to the author, some executives find new product forecasts to be a frustrating effort because of limited data availability, inadequate analysis capabilities, the constantly fluctuating marketplace, and the many variables associated with a new product. While a structured analogy method is appropriate for many circumstances, the article notes that it cannot be applied to every new product forecasting project.
The article discusses a new “structured judgment” tactic that works to enhance human judgment by automating historical data processing and integrating statistical analysis. In the article, the author asserts that the best forecasting results are generated by combining structured and unstructured data through “sentiment analysis.”