Flashcards
Forecasting Module Vocabulary
Cards in this deck (6)
- 1ForecastStatement of inference about the future, usually information about the past to make predictions about the future
- 2Qualitative ForecastingSubjective, can incorporate expertise that is hard to codify, opinions can dominate and/or bias the forecast
- 3Quantitative ForecastingSubjective, can consider large amounts of data, must have data
- 4Naïve methodAssumes demand in the next period is the same as demand in the most recent period, sometimes cost effective and efficient, can be a good starting point
- 5Moving AveragesSeries of arithmetic means, used if little or no trend, used often for smoothing
- 6Weighted Moving AveragesUsed when some trend might be present, weights based on experience and intuition
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- Flashcards on Forecasting Module Vocabulary, created by Stasia Song on 22/09/2020.
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- Stasia Song
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