Quantitative Analysis for Management, 13/e

Summary

Forecasts are a critical part of a manager’s function. Demand forecasts drive the production, capacity, and scheduling systems in a firm and affect the financial, marketing, and personnel planning functions.

In this chapter, we introduced three types of forecasting models: time series, causal, and qualitative. Moving averages, exponential smoothing, trend projection, and decomposition time-series models were developed. Regression and multiple regression models were recognized as causal models. Four qualitative models were briefly discussed. In addition, we explained the use of scatter diagrams and measures of forecasting accuracy. In future chapters, you will see the usefulness of these techniques in determining values for the various ...