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Unformatted text preview: BUS 660 lecture aid Forecasting Models Introduction Forecasting within a business environment relates to predicting future events. Frequently, this relates to predicting future demand for a company's products or services. These predications are then used to forecast the required future organizational resources to support the projected demand. For example, forecasts help organizations to understand the amount of material to procure, the number of units to produce, how many persons to hire, and so forth. In addition, forecasts help the organization to understand its capacity needs. Having too much or too little capacity can prevent an organization from remaining competitive in its markets. Forecasting Models There are various types of quantitative forecasting models. They are categorized into two areas: time series model and associative models. Time series forecasting models are based on the assumption that historical information can be used to predict the future. Associative forecasting models are based on a relationship information can be used to predict the future....
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This note was uploaded on 08/05/2010 for the course BUS BUS-660 taught by Professor Sheilad.fournier-bonilla during the Spring '10 term at Grand Canyon.
- Spring '10