ch03_outline

ch03_outline - STUDY OUTLINE FOR CHAPTER 3 FORECASTING 1....

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STUDY OUTLINE FOR CHAPTER 3 FORECASTING 1. List some examples of how each of these areas of an organization use forecasts: 1. Accounting: cost/ profit estimates 2. Finance: Cash flow and funding 3. Human Resources: hiring, recruiting and training 4. Marketing: Pricing, promotion, strategy 5. MIS: IT systems and services 6. Product/service design: Revision of products 2. What four features are common to all forecasts? 1) Assumes that old system will not go away 2) Forecasts have margin of error 3) Forecast accuracy for groups is higher than individuals 4) Short term forecasts are more accurate then long term 3-1
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3. Name the elements of a good forecast: 1) timely 2) Reliable 3) accurate 4) meaningful 5) written 6) easy to use 4. List the six steps in the forecasting process: 1) determine purpose of forecast 2) establish a time horizon 3) select forecasting technique 4) obtain, clean, analyze data 5) Make forecast 6) Monitor the forecast (measure) 5. Briefly describe each of these forecast types:
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This note was uploaded on 09/30/2008 for the course MGT 3325 taught by Professor Umble during the Fall '08 term at Baylor.

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ch03_outline - STUDY OUTLINE FOR CHAPTER 3 FORECASTING 1....

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