Category Archives: Forecasting

Forecasting

Chapter Objectives

• Introduce the basic concepts of forecasting and its importance within an organization.
• Identify several of the more common forecasting methods and how they can improve the performance of bot manufacturing and service operations.
• Provide a framework for understanding how forecasts are developed.
• Demonstrate that errors exist in all forecasts and show how to measure and assess these errors.
• Discuss some of the software programs that are available for developing forecasting models.