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FORECASTING

FORECASTING . Module 4. FORECASTING Predict the next number in the pattern: a) , , , , , ? b) , , , , , ? c) , , , , , , , , ? FORECASTING Predict the next number in the pattern: a) , , , , , b) , , , , , c) , , , , , , , , Outline What is FORECASTING ? Types of forecasts Time-Series FORECASTING Good forecasts Monitoring forecasts FORECASTING What is FORECASTING ? Determining Future Events Based on Historical Facts and Data Some Thoughts on Forecasts Forecasts Tend to Be Wrong! Forecasts Can Be Biased! (Marketing, Sales, etc.). Forecasts Tend to Be Better for Near Future So, Why Forecast? Better to Have Educated Guess About Future Than to Not Forecast At All!

as weather, traffic, stock market, state of our company from different perspectives. ... • e.g., forecasting sales of color televisions. ... communication, this method eliminates the effects of group potential dominance of the most vocal members. The group involves individuals from

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