Save
or

or

taken

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.

focusNode
Didn't know it?
click below

Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size     Small Size show me how

# MGMT 3240 Chp 5 & 6

TermDefinition
Autocorrelation occurs when the value of one data point is highly correlated with the past values.
Example of Autocorrelation: when waiting in a long line, the time for the ﬁfteenth person in line is highly correlated with (and guaranteed to be longer than) the time for the tenth person in line.
There are two basic types of forecasting: quantitative and qualitative.
Quantitative techniques rely on existing data for demand and use mathematical formulas of varying complexity to accommodate different types of demand.
There are two primary groups of quantitative methods. True
Time-series analysis utilizes past demand data to predict future demand by examining cyclical, trend, and seasonal influences.
Causal relationships identify a connection between two factors, one that precedes and causes changes in the second or effect factor, such as the effect of advertising on sales.
Qualitative forecasting is based on subjective factors, estimates, and opinions.
Qualitative methods are important for new products or when past demand data are lacking.
Two major elements of forecasting: time-series analysis and measurement of errors.
Time-series analysis is based on historical data and the assumption that past patterns Will continue in the future.
Time-series analysis goal is to identify the underlying patterns of demand and develop a model to predict these patterns in the future.
five basic time-series techniques: naive forecasts, moving averages, exponential smoothing, trend-adjusted exponential smoothing, and seasonal patterns.
A naive forecast uses the demand for the current period as the forecast for the next period.
The naive forecast is very simple and low cost to use.
Naive forecast works best when demand, trend, and seasonal patterns are stable and there is relatively little random variation.
The naive approach is the simplest of all the possible forecasting methods and works particularly well when there is autocorrelation.
Every series of demand figures includes at least two of the six components of demand: an average and random variation.
a naive forecast which is a moving average with one period
Time-series analysis a technique that utilizes past demand data to predict future demand by examining cyclical, trend, and seasonal inﬂuences
Causal relationships a technique that identifies a connection between two factors, one that precedes and causes changes in the second or effect factor
Qualitative forecasting a method of forecasting that is based on subjective factors, estimates, and opinions
Naive forecast a method of forecasting that uses the demand for the current period as the forecast for the next period.
Created by: kizito

Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

• SPACEBAR - flip the current card
• LEFT ARROW - move card to the Don't know pile
• RIGHT ARROW - move card to Know pile
• BACKSPACE - undo the previous action

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
 "Know" box contains: Time elapsed: Retries:
restart all cards