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Forecasting future demand - PowerPoint PPT Presentation

Introduction to Forecasting

Introduction to Forecasting. COB 291 Spring 2000. Forecasting. A forecast is an estimate of future demand Forecasts contain error Forecasts can be created by subjective means by estimates from informal sources OR forecasts can be determined mathematically by using historical data

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Forecasting

Forecasting. Forecasting. Def: The process of predicting the values of a certain quantity, Q, over a certain time horizon , T, based on past trends and/or a number of relevant factors .

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Forecasting future demand - PowerPoint PPT Presentation

Introduction to Forecasting

Forecasting