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11 Cards in this Set
- Front
- Back
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Pull |
consumer takes and other parts of chain keep product supplied |
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Forecast |
Estimate of future demand and provides basis for planning decisions. |
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Qualitative |
based on opinion and intuition, used when data is limited |
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Quantitative |
uses mathematical models and historical data to predict. Time series forecasts. cause and effect forecasting.
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4 qualitative forecasting methods |
1) jury of executive opinion 2) delphi method 3) sales force composite 4) Consumer survey. |
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Naive Forecasting |
estimate of next period is equal to demand in past period. |
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Simple moving average. |
works well when demand is stable over time. |
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Weighted moving average |
is based on n-period |
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Exponential Smoothing Forecast |
a type of weighted moving average where only two data points are needed. |
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Forecast error |
defined as difference between actual quantity and the forecast. |
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Mean absolute deviation |
mad of 0 indicates perfectly accurate forecast |
