Time Series Analysis REQUIRES FURTHER REVISION Flashcards
1
Q
What is forecasting?
A
Using existing data to predict future trends
2
Q
What is quantitative forecasting method?
A
Based on experience and opinions
3
Q
What is qualitative forecasting method?
A
Numerical
4
Q
What is the Delphi technique?
A
Anonymous questionnaires from experts
5
Q
What is brainstorming?
A
Individuals discuss together
6
Q
How can sales staff forecast?
A
Have short term knowledge of demand
7
Q
How can academics and business experts forecast?
A
Knowledge on future market changes
8
Q
What are the four components of a time series analysis?
A
- Trend
- Cyclical variation
- Seasonal variation
- Random fluctuations
9
Q
What is the first part of calculating time series analysis?
A
Find the trend
calculate period total
calculate moving average
10
Q
What is the second part of calculating time series analysis?
A
- Actual sales - moving average
- Give each year a number - if the period number is 3 then write 1,2,3,1,2,3… down the table
- Add all the figures from each period then find average
- minus or add this amount from foretasted amount on graph
