Ma9 - F orecasting Forecasting is the process of predicting...

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Forecasting Forecasting is the process of predicting future events. Forecasting is crucial for managers, because effective planning requires good forecasting. Forecasts are the underlying basis for all of the major decisions within an organization, including decisions about production, inventories, personnel, and facilities. Managers have to make forecasts every day. Some of them are high formal and very explicit, while others are informal and implicit. Different Types of Forecasting Short-range forecasts cover periods of time up to one year but generally less than three months. Short-range forecasts are used for decisions about purchasing, job scheduling, workforce levels, job assignments, and production levels. Note that short-range forecasts can be daily or hourly. Medium-range forecasts cover periods of time from three months to three years. Examples of medium-range forecasts include forecasts about sales and production planning, as well as budgeting. Long-range forecasts cover periods of time greater than three
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This note was uploaded on 02/03/2011 for the course MAN 4504 taught by Professor Benson during the Spring '08 term at University of Florida.

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Ma9 - F orecasting Forecasting is the process of predicting...

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