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Chapter 10 - Coggle Diagram
Chapter 10
when making a decision a number of factors will need to be considered:
accuracy of forecasts
potential for bias
nature of risk
timescale
level of risk
etc.
Forecasting Methods
Brainstorming
Intuition
Delphi Technique
Customer Expectations
Staff
Business Experts
Limitations to Forecasting
any forecast will only be as reliable as the data that is used to formulate it
be careful about making assumptions about the future based on experience of the past
moving average does not distinguish between recent and distant sales
does not take into account any changes in the objectives of a business
Forecasting
the use of existing data to predict trends
Quantitative
measured by quantity of something
Qualitative
measured by the quality of something
SEE CARDS FOR TIME-SERIES ANALYSIS