After completing this chapter, you should be able to:

1. List the elements of a good forecast.
2. Outline the steps in the forecasting process.
3. Evaluate at least three qualitative forecasting techniques and the advantages and disadvantages of each.
4. Compare and contrast qualitative and quantitative approaches to forecasting.
5. Describe averaging techniques, trend and seasonal techniques, and regression analysis, and solve typical problems.
6. Explain three measures of forecast accuracy.
7. Compare two ways of evaluating and controlling forecasts.
8. Assess the major factors and trade-offs to consider when choosing a forecasting technique.