Professor Goodwin gives live webcast on Better Management website
Paul Goodwin, Professor of Management Science and Head of Teaching Resources at the School of Management, broadcast a live audio webcast yesterday on the bettermanagement.com website.
The talk entitled Suspend Your Judgement! Eight Reasons to Trust Statistical Forecasting was broadcast live at 3pm and lasted for 45 minutes with a 15 minute Q&A session.
It discussed how short and medium-term forecasts of sales and other variables can play a crucial role in decisions relating to logistics, production planning, human resources, inventory control and financial planning. Surveys show that management judgment often plays a predominant role in the production of these forecasts. Statistical forecasts produced by computer systems are often replaced by judgmental forecasts because they conflict with managers 'gut-feel'.
Professor Goodwin used the results of a major research project carried out in supply-chain companies to show that these judgmental interventions are often made inappropriately and can lead to reductions in forecast accuracy. He helps participants to distinguish between situations where judgment is likely to be detrimental to accuracy and situations where it may be beneficial. Paul also demonstrates simple methods for integrating judgment and statistical methods.
The webcast has been recorded and will be available to download shortly on the bettermanagement.com website.
Notes for Editors
BetterManagement's vision is to improve the leadership and decision making skills of business and government executives around the world. They address critical business management issues through online resources such as business articles, webcasts, and online learning, in combination with BetterManagement LIVE Business Conferences.
For further information / press enquiries, contact:
Liz Alvey, Marketing Officer
School of Management
University of Bath
Claverton Down
Bath BA2 7AY
UK
Tel:+ 44 (0) 1225 383526
Email: pr@management.bath.ac.uk
General Notes For Editors:
The University of Bath School of Management has consistently achieved both top research and teaching ratings in the UK's Higher Education Funding Council for England (HEFCE) assessments. In the 2008 Research Assessment Exercise (RAE), the School was rated 5th in the UK for management research.
We are one of a select number of international business schools accredited by EQUIS, the European Foundation for Management Development's quality inspectorate and the Bath MBA has been accredited by the Association of MBAs (AMBA) since 1976. The School is consistently ranked among the top UK business schools by The Times, The Sunday Times, The Financial Times and The Guardian.
The centrality of research to teaching is an essential feature of all our programmes. The School offers a full range of programmes from undergraduate to postgraduate up to PhD level and post-experience programmes including the world-ranked Bath MBA. The School also provides tailored executive development programmes for middle and senior management.
The School of Management has a faculty of around 90 teaching and research staff, including visiting academics, with a support team of around 70 managerial and administrative staff. Research income averages £2 million per annum. There are approximately 2,100 students in total comprising some 200 MBA students, 460 Master’s students, 210 full- and part-time research students, and over 1100 undergraduates following BSc degrees. The School also runs joint undergraduate programmes with Departments in the Faculties of Engineering and Design, Science and Humanities and Social Sciences.
