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Chapter 03 Forecasting (10th)

Chapter 03 Forecasting (10th) - Chapter 3 Forecasting...

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Chapter 3 Forecasting 2010/8/26 Stevenson 10th Edition 1 1 Chapter 3 Forecasting What is forecasting ? How to make a forecast ? Approaches used in forecasting ? How to monitor a forecasting system ? Other applications 2 Features Common to All Forecasts Assume a causal system Forecasts are not perfect Forecast accuracy view point : Forecasts for group of items are better than forecasts for individual items. Forecast accuracy view point : Short-range forecasts are better than long-range forecasts. Time Horizon Two definitions
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