FORECASTING

Question 1

The process of predicting future events or conditions using past and current
data

Answer 1

FORECASTING

Question 2

Forecasting plays a crucial role in operations management by helping
businesses plan, allocate resources, and improve efficiency.

Answer 2

Importance of forecasting in OM

Question 3

Qualitative

Answer 3

Delphi Method (Expert Opinion)
Market Research
Salesforce Composite

Question 4

Quantitative

Answer 4

Time Series Analysis
Causal Models (Cause and Effect)

Question 5

Assumes the forecast for the next period is simply the actual value of the most recent period

Answer 5

Naive Approach

Question 6

Time Series Analysis

Answer 6

Naive Approach
Moving Average
Weighted Moving Average
Exponential Smoothing
Auto Regressive Integrated Moving Average (ARIMA)

Question 7

Causal Models

Answer 7

Regression Analysis
Econometric Models

Question 8

Measuring Forecast Accuracy

Answer 8

Mean Absolute Percentage Error
Mean Absolute Deviation
Root Mean Squared Error
Forecast Bias