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Operations Management: Processes and Supply Chains, 12th Edition by Larry P. Ritzman, Manoj K. Malhotra, Lee J. Krajewski

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Part 2 Managing Customer Demand

8 Forecasting

Learning Goals

After reading this chapter, you should be able to:

  1. Explain how managers can change demand patterns.

  2. Describe the two key decisions on making forecasts.

  3. Calculate the five basic measures of forecast errors.

  4. Compare and contrast the four approaches to judgmental forecasting.

  5. Use regression to make forecasts with one or more independent variables.

  6. Make forecasts using the five most common statistical approaches for time-series analysis.

  7. Describe the big-data approach and the six steps in a typical forecasting process.

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