Forecasting

Statistical concepts, optimization, heuristics, simulation and forecasting are major topics taught to all operations research professionals and useful within the healthcare industry. Forecasting demand is of particular interest for health services and is an important step in managerial decision making for all healthcare organizations. It is important for healthcare mangers to understand the advantages and disadvantages of each method, and then, select the method that will best meet the organization's needs. First, differentiate between the two major types of forecasts. Second, describe a moving average forecast. Lastly, describe trend forecasting and the four key steps in the forecasting process.