Forecasting CH 3 Flashcards
1
Q
What should be looked for with various forecasting techniques?
A
- Trends
- Seasonality
- Cycles
- Irregular variations
- Random variations
2
Q
What are the important factors in selecting a technique?
A
Cost
Accuracy
3
Q
Elements of a good forecast:
A
W in writing E easy to understand T timely R reliable A accurate M Meaninful
4
Q
Method of controlling forecasts
A
Use the MAD or MSE to see which forecast yields the lowest error. for a given data set.
