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13 Cards in this Set
- Front
- Back
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Forecasts help managers to:
(3 answers: FEP) |
(1) Anticipate the FUTURE
(2) PLAN the system (3) EFFECTIVELY USE the system |
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In business, forecasts are the basis for:
(4 answers: CSPB) |
(1) CAPACITY planning
(2) SALES planning (3) PRODUCTION planning (4) BUDGETING |
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RARELY PERFECT
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FORECASTS
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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 |
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TREND
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Gradual, long-term movement in time series data
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AVERAGING TECHNIQUES are useful for:
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smoothing out fluctuations in time series
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NAIVE FORECAST
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FORECAST FOR ANY PERIOD=PREVIOUS PERIOD'S ACTUAL VALUE
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PREDICTOR VARIABLE IN SIMPLE LINEAR REGRESSION
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INDEPENDENT VARIABLE
y = bx + a y = predictED / dependent x = predictOR / independent |
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IMPROVING COMPONENT DESIGN
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INCREASES RELIABLITY
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STAGE IN PRODUCT OF SERVICE LIFE CYCLE where some firms adopt a DEFENSIVE research posture:
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DECLINE
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FAMILY LIFE CYCLE STAGES
(4 stages: IGMD) |
(1) Introduction
(2) Growth (3) Maturity (4) Decline |
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R&D activity which CONVERTS research reults int USEFUL COMMERCIAL APPLICATIONS
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DEVELOPMENT
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NUMBER OF CONFICUTARTIONS OF MODULES DECREASES (advantage or disadvantage for modular design?)
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DISADVANTAGE
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