Forecasting Methods for Time-Series Data
CO6: Utilize quantitative forecasting methods with time series data
After carefully reading Chapter 5 in your textbook and reviewing the additional resources in the Content area of the classroom, think about forecasting using Time-series Data in your organization. Address the three subjects below:
- What are the various ways a forecast can go wrong using historic data to predict future requirements, resources, or customer demands?
- What statistical methods are used to “sense demand signals, shape demand, and forecast demand” (Chase, p. 126).
- What time-series data is used to forecast future demand for products, services, or activities in your organization? From your experience, how accurate is the time-series data that is used to forecast and how accurate are the forecasts?