 | Study Outlines
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- List some examples of how each of these areas of an organization use forecasts:
Accounting
Finance
Human Resources
Marketing
MIS
Product/service design - What four features are common to all forecasts?
1)
2)
3)
4) - Name the elements of a good forecast:
1)
2)
3)
4)
5)
6) - List the six steps in the forecasting process
1)
2)
3)
4)
5)
6) - Briefly describe each of these forecast types:
judgmental
time series
associative - Briefly describe each of these judgmental forecasting methods:
executive opinion
sales force opinions
consumer surveys
the Delphi method - What is the naive approach in forecasting?
- Briefly describe each of these techniques for averaging:
moving average
weighted moving average
exponential smoothing
What is a seasonal relative? - How is forecast error computed?
- What three measures are used to summarize forecast error? Briefly describe each measure.
- 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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