McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies,Inc. All Rights Reserved.
Chapter 3
Forecasting
3-2
Chapter 3: Learning Objectives
You should be able to:
±List the elements of a good forecast ±Outline the steps in the forecasting process ±Describe qualitative forecasting techniques and their advantages and disadvantages ±Compare and contrast qualitative and quantitativeapproaches to forecasting ±Briefly describe averaging techniques, trend and seasonaltechniques, and regression analysis, and solve typicalproblems ±Describe three measures of forecast accuracy ±Describe two ways of evaluating and controlling forecasts ±Identify the major factors to consider when choosing aforecasting technique
3-3
F
orecast
Forecast
±a statement about the future valueof a variable of interest
±We make forecasts about such things as weather,demand, and resource availability ±
F
orecasts are an important element in makinginformed decisions
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forecasting in the field of production management
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