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13 Cards in this Set

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Forecasts help managers to:
(3 answers: FEP)
(1) Anticipate the FUTURE
(2) PLAN the system
(3) EFFECTIVELY USE the system
In business, forecasts are the basis for:
(4 answers: CSPB)
(1) CAPACITY planning
(2) SALES planning
(3) PRODUCTION planning
(4) BUDGETING
RARELY PERFECT
FORECASTS
FORECASTING PROCESS
(6 steps: PTTDPM)
(1) Determine PURPOSE
(2) Establish TIME HORIZON
(3) Select TECHNIQUE
(4) Gather & analyze DATA
(5) PREPARE the forecast
(6) MONITOR the forecast
TREND
Gradual, long-term movement in time series data
AVERAGING TECHNIQUES are useful for:
smoothing out fluctuations in time series
NAIVE FORECAST
FORECAST FOR ANY PERIOD=PREVIOUS PERIOD'S ACTUAL VALUE
PREDICTOR VARIABLE IN SIMPLE LINEAR REGRESSION
INDEPENDENT VARIABLE

y = bx + a
y = predictED / dependent
x = predictOR / independent
IMPROVING COMPONENT DESIGN
INCREASES RELIABLITY
STAGE IN PRODUCT OF SERVICE LIFE CYCLE where some firms adopt a DEFENSIVE research posture:
DECLINE
FAMILY LIFE CYCLE STAGES
(4 stages: IGMD)
(1) Introduction
(2) Growth
(3) Maturity
(4) Decline
R&D activity which CONVERTS research reults int USEFUL COMMERCIAL APPLICATIONS
DEVELOPMENT
NUMBER OF CONFICUTARTIONS OF MODULES DECREASES (advantage or disadvantage for modular design?)
DISADVANTAGE