After completing this chapter, you should be able to:
• List the elements of a good forecast. |
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• Outline the steps in the forecasting process. |
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• Describe at least three qualitative forecasting techniques and the advantages and disadvantages of each. |
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• Compare and contrast qualitative and quantitative approaches to forecasting. |
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• Briefly describe averaging techniques, trend and seasonal techniques, and regression analysis, and solve typical problems. |
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• Describe two measures of forecast accuracy. |
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• Describe two ways of evaluating and controlling forecasts. |
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• Identify the major factors to consider when choosing a forecasting technique. |