Chapter 9 Flashcards
1
Q
What are the three steps of forecasting?
A
- Analysis
- Planning
- Control
2
Q
Types of forecasting:
A
Short, medium, long
3
Q
What is planning?
A
Allocation & scheduling of resources
4
Q
Three forecasting methods:
A
- Casual
- Time series
- Judgmental
5
Q
Casual forecasting:
A
Difficult to quantify
Personal discretion
6
Q
Time series forecasting:
A
Used when time & data are limited
7
Q
Judgemental forecasting
A
Educated guess
8
Q
What is forecasting?
A
Quantitative estimates of demand; foundation of organizational planning
