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picture1_Different Methods Of Data Presentation Pdf 83364 | Opm101chapter8 000


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File: Different Methods Of Data Presentation Pdf 83364 | Opm101chapter8 000
learning objectives identify principles of forecasting explain the steps in the forecasting process identify types of forecasting methods and their characteristics describe time series and causal models wiley 2010 2 ...

icon picture PPT Filetype Power Point PPT | Posted on 12 Sep 2022 | 3 years ago
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        Learning Objectives
         Identify Principles of Forecasting
         Explain the steps in the forecasting 
          process
         Identify types of forecasting 
          methods and their characteristics
         Describe time series and causal 
          models
                          © Wiley 2010            2
        Learning Objectives con’t
         Generate forecasts for data with 
          different patterns: level, trend, 
          seasonality, and cyclical
         Describe causal modeling using 
          linear regression
         Compute forecast accuracy
         Explain how forecasting models 
          should be selected
                          © Wiley 2010            3
        Principles of Forecasting
        Many types of forecasting models that 
           differ in complexity and amount of 
           data & way they generate forecasts:
        1. Forecasts are rarely perfect
        2. Forecasts are more accurate for 
           grouped data than for individual 
           items
        3. Forecast are more accurate for 
           shorter than longer time periods
                          © Wiley 2010            4
         Types of Forecasting 
         Methods
           Decide what needs to be forecast
              Level of detail, units of analysis & time 
               horizon required
           Evaluate and analyze appropriate data
              Identify needed data & whether it’s available
           Select and test the forecasting model
              Cost, ease of use & accuracy
           Generate the forecast
           Monitor forecast accuracy over time
                                 © Wiley 2010                   5
        Types of Forecasting 
        Methods
         Forecasting methods are classified 
          into two groups:
                          © Wiley 2010            6
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...Learning objectives identify principles of forecasting explain the steps in process types methods and their characteristics describe time series causal models wiley con t generate forecasts for data with different patterns level trend seasonality cyclical modeling using linear regression compute forecast accuracy how should be selected many that differ complexity amount way they are rarely perfect more accurate grouped than individual items shorter longer periods decide what needs to detail units analysis horizon required evaluate analyze appropriate needed whether it s available select test model cost ease use monitor over classified into two groups...

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