Demand forecasting is an important task in the companies, however the use of a single technique to produce forecasts might not be enough to gather all the knowledge associated with the forecast environment. The way to integrate forecasts incorporates various techniques and has show potential to reduce forecast error. This study presents a model that relies on the use of two means of integration: forecast combination and judgmental adjustment. The elements covered by the presented model are: historic data, economic data, and the opinion of experts. After obtaining the combined forecast, an adjustment based on the experts' opinion is applied to attain the final forecast. The model proposed is described in details and illustrated through a practical application.
Demand forecasting; combination of forecasts; judgmental adjustment; experts opinion; integration of forecasts
