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Managing Operations Chapter 12

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