OM - Module 02 Reviewer - Forecasting

These are basic input in the decision processes of operations management because they provide information on future demand.

• Forecasts

• Seasonal Forecasts

• Exponential Smoothing

• Trend

Numerical value that is multiplied by the normal forecast to get a seasonally adjusted forecast.

• Seasonal Forecast

• Naive Forecast

• Judgmental Forecast

• Time-series Forecast

A sum of the forecast errors; also known as bias.

• Cumulative Error

• Mean Square Error

• Average Error

• Forecast Error

How far into the future something is forecasted.

• Seasonal Forecast

• Trend

• Time Frame

• Delphi Method

An exponential smoothing forecast adjusted for trend.

• Moving Forecast

• Exponential Smoothing

• Trend

• Adjusted Exponential Smoothing

The average of the squared forecast errors.

• Mean Square Error (MSE)

• Mean Absolute Percent Deviation (MAPD)

• Mean Absolute Deviation (MAD)

• Average Forecast

The absolute forecast error measured as a percentage of demand.

• Mean Square Error (MSE)

• Mean Absolute Percent Deviation (MAPD)

• Mean Absolute Deviation (MAD)

• Average Forecast

The cumulative error averaged over the number of time periods.

• Cumulative Error

• Average Error

• Mean Square Error

• Forecast Error

A gradual, long-term up or down movement of demand.

• Forecasts

• Seasonal Forecasts

• Exponential Smoothing

• Trend

A mathematical relationship that relates a dependent variable to two or more independent variables.

• Linear Regression

• Multiple Regression

• Correlation

• Not Stated