Jet Copies Case Problem
Jet Copies Case ProblemForecasting Methods
La Nesha H.Tyler
Scientific management is based on the applying systematic approaches to solving problems and making decisions. This guide to decision making provides a number of mathematical techniques derived from varied sources such as natural science, mathematics, engineering and statistics (Taylor, 2010). One such technique used in scientific management is the Forecasting method. A Forecast provides a reasonable prediction for a future event. Being able to predict the future can provide a valuable asset for any organization. Predictions will not always be one hundred percent accurate, but they can be a reasonable guide to making decisions based on systematic data. Taylor, 2010, discusses two widely used forecasting methods; time series analysis and regression. This project will present information on forecasting in the form of a storyboard.
This project will provide an overview of forecast methods, how forecasts are measured, and identify different types of forecasting methods. According to author Bernard W. Taylor, 2010, “a variety of forecasting exist, and their applicability is dependent on the time frame of the forecast, the existence of patterns in the forecast, and the number of variables to which the forecast is related” (p.682). Time frame classifies forecast into three different categories, short –range, medium-range, and long-range forecast. Short-range forecast are forecast such as Weather forecast in that they predict daily, or weekly short-range outcomes. Medium-range forecast are typically a month to a year, and Long-range forecast are long-term patterns that are considered trends. These Forecasts are documented and observed from one to two years (Taylor, 2010). It is very important to make reliable predictions, and using forecasting, but the further out the prediction the less accurate the forecasting data maybe. As stated by the author of Benchmarking Forecasting Errors, Chaman L. Jain, “...