Chapter 9

What is considered a short-range forecast?

What is considered a long-range forecast?

Select the reasons why short-range forecasts are more accurate than long-range

What are the two forecasting approaches?

Seasonal patterns usually for long-term trends usually more than a year

Cyclical patterns usually for long-term trends usually more than a year

What is the Delphi method?

What are the quantitative methods noted in class? And write their formulas if possible.

What are the forecasting error measures, their disadvantages, and write their formulas.

A bias of 2 units means that the forecasting method is a little over the actual.

A MAD of 2 units means that the forecasting method is a little under than the actual

LR forecast's MAD is 32 while an SMA forecast's MAD is 145 which method is more accurate?

A MAPE of 2% means that the forecasting method can be off by 2% from the actual