Inventory Management and Risk Pooling - Forecasting
9 important questions on Inventory Management and Risk Pooling - Forecasting
What are the three rules of forecasting?
- The forecast is always wrong
- The longer the forecast horizon, the worse the forecast
- Aggregate forecasts are more accurate
What are the four general categories of forecasting?
- Judgement methods - involve the collection of expert opinions
- Market research methods - involve qualitative studies of consumer behavior
- Time-series methods - are mathematical methods in which future performance is extrapolated from past performance
- Causal methods - are mathematical methods in which forecasts are generated bases on a variety of system variables
What is a sales-force composite?
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What is panels of experts?
What are market surveys?
What are methods for data with trends?
What are methods for seasonal data?
How do causal methods forecast demand?
Which three questions can be asked when selecting the appropriate forecasting technique?
- What is the purpose of the forecast? How is it to be used?
- What are the dynamics of the system for which the forecast will be made?
- How important is the past in estimating the future?
The question on the page originate from the summary of the following study material:
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