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SBAD 475 ADV OM12
Managing Operations Chapter 12
| Question | Answer |
|---|---|
| Demand forecasting | A decision process in which managers predict demand and make operational plans accordingly |
| Demand management | A proactive approach in which managers attempt to influence either the pattern or consistency of demand |
| Exponential smoothing | A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time |
| Forecast accuracy | The measurement of how closely the forecast aligns with the observations over time |
| Forecast bias | The tendency of a forecasting technique to continually overpredict or underpredict demand. Also called mean forecast error |
| Mean absolute deviation | The average size of forecast errors, irrespective of their directions. Also called mean absolute error |
| Moving average | A forecasting model that computes a forecast as the average of demands over a number of immediate past periods |
| Times series analysis | Forecasting models that compute forecasts using historical data arranged in the order of occurrence |
| Trend | The general sloping tendency of demand, either upward or downward, in a linear or nonlinear fashion |
| Seasonality and cycles | Regular demand patterns of repeating highs and lows |
| Smoothing coefficient | A parameter indicating the weight given to the most recent demand |
Created by:
pitufran
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