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ch03_study_out - executive opinion sales force opinions...

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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: Accounting Finance Human Resources Marketing MIS Product/service design 2. What four features are common to all forecasts? 1) 2) 3) 4)
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3. Name the elements of a good forecast: 1) 2) 3) 4) 5) 6) 7) 4. List the six steps in the forecasting process : 1) 2) 3) 4) 5) 6) 8) 5. How is forecast error computed? 6. What three measures are used to summarize forecast error? Briefly describe each measure. 1) 2) 3)
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7. Briefly describe each of these forecast types: judgmental time series associative 8. Briefly describe each of these judgmental forecasting methods:
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Unformatted text preview: executive opinion sales force opinions consumer surveys the Delphi method 9. What is the naïve approach in forecasting? 10. Briefly describe each of these techniques for averaging: moving average weighted moving average exponential smoothing 11. What is a seasonal relative? 12. What is focus forecasting? 13. Define standard error of estimate. 14. What two techniques can be used to monitor forecast errors? Briefly describe each technique. Which one is generally preferred, and why?...
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