Quantitative Analysis for Management, 13/e

Chapter 5 Forecasting

Learning Objectives

After completing this chapter, students will be able to:

1. 5.1 Understand and know when to use various families of forecasting models.

2. 5.2 Compare moving averages, exponential smoothing, and other time-series models.

3. 5.3 Calculate measures of forecast accuracy.

4. 5.4 Apply forecast models for random variations.

5. 5.5 Apply forecast models for trends and random variations.

6. 5.6 Manipulate data to account for seasonal variations.

7. 5.7 Apply forecast models for trends, seasonal variations, and random variations.

8. 5.8 Explain how to monitor and control forecasts.

Every day, managers make decisions without knowing what will happen in the future. Inventory is ordered though no one knows what sales will ...