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Forecasting Learning Objectives You should be able to: 1. List the elements of a good forecast 2. Outline the steps in the forecasting process 3. Describe at least three qualitative forecasting techniques and the advantages and disadvantages of each 4. Compare and contrast qualitative and quantitative approaches to forecasting 5. Describe averaging techniques, trend, seasonal techniques, and regression analysis, and solve typical problems 6. Explain three measures of forecast accuracy 7. Compare two ways of evaluating and controlling forecasts 8. Assess the major factors and trade-offs to consider when choosing a forecasting technique Assignment #1 From your data base for the last (5) months or years at your organization, department, calculate the following: 1- Single factor productivity for the last month/year (assuming the number of units/services produced, and numbers of hours used for production or service). 2- Multifactor productivity for the last month/year (assuming the number of units/services produced, and machines cost, materials cost and capital cost for production or service) 3- The Error (difference between actual value and predicted value) (A-F) for the previous (5) months/years according to following: a. Mean Absolute Deviation (MAD) b. Mean Squared Error (MSE) C. Mean Absolute Percent Error (MAPE) Forecasting Learning Objectives You should be able to: 1. List the elements of a good forecast 2. Outline the steps in the forecasting process 3. Describe at least three qualitative forecasting techniques and the advantages and disadvantages of each 4. Compare and contrast qualitative and quantitative approaches to forecasting 5. Describe averaging techniques, trend, seasonal techniques, and regression analysis, and solve typical problems 6. Explain three measures of forecast accuracy 7. Compare two ways of evaluating and controlling forecasts 8. Assess the major factors and trade-offs to consider when choosing a forecasting technique Assignment #1 From your data base for the last (5) months or years at your organization, department, calculate the following: 1- Single factor productivity for the last month/year (assuming the number of units/services produced, and numbers of hours used for production or service). 2- Multifactor productivity for the last month/year (assuming the number of units/services produced, and machines cost, materials cost and capital cost for production or service) 3- The Error (difference between actual value and predicted value) (A-F) for the previous (5) months/years according to following: a. Mean Absolute Deviation (MAD) b. Mean Squared Error (MSE) C. Mean Absolute Percent Error (MAPE)