QMS 703- Final Exam Guide - Comprehensive Notes for the exam ( 52 pages long!)
4 Dec 2017
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Demand for products, labour, manufacturing etc must be estimated using formal or informal forcasting methods. When you want to build another plant. Making calls to staff for a meeting. Predicting the future accurately, given the info. What you would like to have happen. Is a response to forecasts and goals. Forcasting methods depend on the data available. When we have numerical info available about the past. When we know that the past patterns will continue to the future. Most use time series data (collected at regular intervals over time) Useful when using data that is changing overtime. (stock prices, profits) Anything that is observed sequentially (quartly, monthly) over time. Cross-sectional data(collected at a single point in time) Predict the value of something we have not observed, using info on the cases the we have observed. Predicting price of house that isn"t observed using its characteristics. (houseprices in 2011)
