Forecasting

No description yet. This curated deck is ready for daily study.

Total cards: 17•Content version: v4•Public deck•Updated: 8/1/2026

Card preview (17)

Front (Question)

2 important uses of Forecasting

Back (Answer)

• Planning the system - longer • Planning the use of the system - shorter

Front (Question)

A prediction of what will happen in the future.

Back (Answer)

Forecast

Front (Question)

A set of observations measured at successive points in, or over successive periods of time. Most used Quantitative Forecast.

Back (Answer)

Time Series

Front (Question)

3 common smoothing methods

Back (Answer)

A. Moving Averages B. Weighted Moving Averages C. Exponential Smoothing

Front (Question)

Steps on Forecasting

Back (Answer)

• Determine the purpose of the forecast • Establish a time horizon • Select a forecasting method • Gather and analyze the appropriate data and prepare the forecast • Monitor the forecast

Front (Question)

Based on judgement and mere opinions. Also called Judgemental Forecast.

Back (Answer)

Qualitative Forecasting

Front (Question)

Based on historical data or numbers.

Back (Answer)

Quantitative Forecast

Front (Question)

Simplest forecasting technique. The demand last week is the demand for this week.

Back (Answer)

Naive Forecast

Front (Question)

Consists of computing an average of the most recent n data values in the series and using this average for forecasting the value of the time series for the next period.

Back (Answer)

Moving averages

#10

Front (Question)

Formula for Moving Average

Back (Answer)

Summation of most recent n data divided by n

#11

Front (Question)

Computing the average of the most recent n periods, the more recent observations are typically given more weight than older observations.

Back (Answer)

Weighted Moving Averages

#12

Front (Question)

The biggest weight will be given to the blank point. In weighted moving averages.

Back (Answer)

recent

#13

Front (Question)

It is one of the most widely used techniques in forecasting. Each new forecast is based on the previous forecast plus percentage of the difference between that forecast and the actual value of the series at that point.

Back (Answer)

Exponential smoothing

#14

Front (Question)

Determines how the historical time series values are weighted. The higher the smoothing constant, the greater the weight assigned to the values from the latest period.

Back (Answer)

Smoothing constant

#15

Front (Question)

Exponential smoothing formula

Back (Answer)

Ft+1=aYt+(1-a)Ft

#16

Front (Question)

What number will be used if the smoothing constant is not given?

Back (Answer)

0.5

#17

Front (Question)

What number will be used if the smoothing constant is not given?

Back (Answer)

0.5