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Forecasting Techniques

Forecasting Techniques

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Published by rajeevnaval1

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Published by: rajeevnaval1 on Oct 04, 2009
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Dr. C. Lightner Fayetteville State University1
Chapter 16Qualitative Approaches to ForecastingQuantitative Approaches to ForecastingThe Components of a Time SeriesUsing Smoothing Methods in ForecastingMeasures of Forecast AccuracyUsing Trend Projection in ForecastingUsing Regression Analysis in Forecasting
Dr. C. Lightner Fayetteville State University2
Forecasting Introduction
An essential aspect of managing any organization isplanning for the future.Organizations employ forecasting techniques todetermine future inventory, costs, capacities, andinterest rate changes.There are two basic approaches to forecasting:-Qualitative-Quantitative
Dr. C. Lightner Fayetteville State University3
Qualitative Approaches to Forecasting
Delphi Approach
 –A panel of experts, each of whom is physically separated fromthe others and is anonymous, is asked to respond to asequential series of questionnaires. –After each questionnaire, the responses are tabulated and theinformation and opinions of the entire group are made known toeach of the other panel members so that they may revise their previous forecast response. –The process continues until some degree of consensus isachieved.

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