ForecastingPartI(2,5)

ForecastingPartI(2,5) - Forecasting Chapter 2 Forecasting:...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
Forecasting Chapter 2
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Forecasting: Introduction What is forecasting? What should the time horizon be? Short term: i.e. demand for material, specific labor needs Intermediate term: i.e. resource needs Long term: i.e. long term sales pattern, capacity needs
Background image of page 2
Characteristics of Forecasts Are forecasts typically correct? Is a good forecast more than a single number? Aggregate forecasts are more/less accurate? The longer the horizon, the less/more accurate the forecast will be? What if there is a promotion going on?
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Forecasting Methods What Forecasting Methods are avaliable? 1) Qualitative (Subjective) Sales force composite: Customer surveys: Jury of execution opinion: Delphi method:
Background image of page 4
Forecasting Methods 2) Quantitative (Objective) Causal Methods: Tries to discover factors affecting the demand Time Series Methods: • Treats the system as a black box. Why?
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Forecasting Using Time Series What is a Time Series? PERIO
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 18

ForecastingPartI(2,5) - Forecasting Chapter 2 Forecasting:...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online