forecasting

Address business cycle - inflation rate, money supply, housing starts, etc.

• economic forecasting

• Technology Forecasting

• Demand forecasting

Predicts possible technological advancements in the future such latest digital devices and systems, future
software and hardware, etc.

• economic forecasting

• Technology Forecasting

• Demand forecasting

projections of a company's sales for each time period in the planning horizon

• economic forecasting

• Technology Forecasting

• Demand forecasting

Persistent, overall upward or downward pattern
Changes due to population, technology, age, culture, etc.
Typically several years duration

• trend component

• seasonal component

• cyclical component

Regular pattern of up and down fluctuations
Due to weather, customs, etc.
Occurs within a single year

• trend component

• seasonal component

• cyclical component

-repeating up and down movements
-affected by business cycle, political, and economic factors
-multiple years duration
-often causal or associative relationships

• trend component

• seasonal component

• cyclical component

forecasting method that assumes next period's forecast is equal to the current period's actual value

• Naive Method

• Jury of Executive Opinion

• Delphi method

• Consumer Market Survey

a forecasting technique that uses the opinion of a small group of high-level managers to form a group estimate of demand

• Naive Method

• Jury of Executive Opinion

• Delphi method

• Consumer Market Survey

form of qualitative forecasting that involves consensus of a group of experts using a multi-stage process to converge on a forecast.

• Naive Method

• Jury of Executive Opinion

• Delphi method

• Consumer Market Survey

Ask customers about purchasing plans
What consumers say, and what they actually do are often different

• Naive Method

• Jury of Executive Opinion

• Delphi method

• Consumer Market Survey