Chapter 4 Rapid Review

Main Heading Review Material MyOMLab
What is Forecasting? (pp. 108–109)

  • Forecasting— The art and science of predicting future events.

  • Economic forecasts— Planning indicators that are valuable in helping organizations prepare medium- to long-range forecasts.

  • Technological forecasts— Long-term forecasts concerned with the rates of technological progress.

  • Demand forecasts— Projections of a company’s sales for each time period in the planning horizon.

 Concept Questions: 1.1–1.4
The Strategic Importance of Forecasting (pp. 109–110) The forecast is the only estimate of demand until actual demand becomes known. Forecasts of demand drive decisions in many areas, including: human resources, capacity, and supply chain management. ...

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