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Forecasting Methods for Time-Series Data

Course Objectives:

CO6: Utilize quantitative forecasting methods with time series data

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Discussion Prompt:

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:

1. What are the various ways a forecast can go wrong using historic data to predict future requirements, resources, or customer demands?
2. What statistical methods are used to “sense demand signals, shape demand, and forecast demand” (Chase, p. 126).
3. 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?