The Demand Forecasting Process in Czech Chemical Companies

Abstract

An accurate and timely demand forecast represents the key input information for most decisions made within a company. It can only be obtained through a systematically managed process of demand forecasting. However, what still has not been researched sufficiently is how to manage this process in the right way in chemical companies that are characterized by implementation of a make-to-stock strategy based on demand forecasting. Therefore, the given area became the subject of a quantitative primary research conducted at 58 Czech manufacturing chemical companies. It aimed to identify the way of organization of the demand forecasting process, the way of developing demand forecasts, and the way of assessment of the accuracy of created forecasts. The research conclusions and their subsequent comparison with modern theoretical approaches made it possible to identify the main directions in improvement of the process of demand forecasting in chemical companies.