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Topic 1 PowerPoint - Topic 1 Forecasting Dr. Bin Jiang...

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Topic 1 Forecasting Dr. Bin Jiang Department of Management
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2 MGT 3012 by Dr. Bin Jiang FORECAST A statement about the future value of a variable of interest such as demand. Forecasts affect decisions and activities throughout an organization Accounting, finance Human resources Marketing MIS Operations Product / service design
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3 MGT 3012 by Dr. Bin Jiang Operations Schedules, Location, workloads Product/service design New products and services Uses of Forecasts
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4 MGT 3012 by Dr. Bin Jiang Assumes causal system past future Forecasts rarely perfect because of randomness Forecasts more accurate for groups vs. individuals Forecast accuracy decreases as time horizon increases Four features are common to all forecasts
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5 MGT 3012 by Dr. Bin Jiang Elements of a Good Forecast Timely Accurate Reliable Meaningful Written Easy to use
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6 MGT 3012 by Dr. Bin Jiang Steps in the Forecasting Process Step 1 Determine purpose of forecast Step 2 Establish a time horizon
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This note was uploaded on 05/19/2011 for the course MGMT 101 taught by Professor Steinberg during the Spring '11 term at Ill. Chicago.

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Topic 1 PowerPoint - Topic 1 Forecasting Dr. Bin Jiang...

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