Ch%204_mod - Operations Management MGT 3200 Dr. Samia Siha...

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© Copyrighted Operations Management MGT 3200 Dr. Samia Siha Forecasting Chapter 04
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© Copyrighted 2 Chapter Map
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© Copyrighted 3 Learning Objectives 1. Define the objective and importance of forecasting. Relate forecasting to short, medium, and long range OM decisions. 2. Recognize and describe forecasting time horizons 3. Describe the difference between qualitative and quantitative forecasting approaches. Recognize qualitative methods. 4. List and define the four components of a time series 5. Calculate and interpret a forecast using a moving average 6. Calculate and interpret a forecast using exponential smoothing 7. Calculate and interpret mean absolute deviation (MAD) and mean-squared error as measures of forecast accuracy 8. Discuss the importance of measuring forecast accuracy 9. Perform and interpret a regression analysis via Excel to project the trend
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© Copyrighted 4 What is Forecasting? þ
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Ch%204_mod - Operations Management MGT 3200 Dr. Samia Siha...

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