Chapter 9

Question 1

What are the three steps of forecasting?

Answer 1

1. Analysis
2. Planning
3. Control

Question 2

Types of forecasting:

Answer 2

Short, medium, long

Question 3

What is planning?

Answer 3

Allocation & scheduling of resources

Question 4

Three forecasting methods:

Answer 4

1. Casual
2. Time series
3. Judgmental

Question 5

Casual forecasting:

Answer 5

Difficult to quantify

Personal discretion

Question 6

Time series forecasting:

Answer 6

Used when time & data are limited

Question 7

Judgemental forecasting

Answer 7

Educated guess

Question 8

What is forecasting?

Answer 8

Quantitative estimates of demand; foundation of organizational planning