COMMERCE 2OC3 Chapter 4: Chapter 4 Textbook
8 Feb 2017
School
Department
Course
Professor
Document Summary
Revenues at disney are all about people-> how many come and how they spend money there. Team provides daily, weekly, monthly, annual, and five-year forecasts to multiple departments. Inputs in monthly forecasting includes airline specials, speeches by the chair of the federal reserve and. 5 year forecast yields just a 5% error, annual forecast have 0 to 3% error. Forecasting: the art and science of predicting future events. Distinguished by three features: long-range forecasts deal with more comprehensive issues, short-term forecasting employs different methodologies than longer time i. e. moving averages, exponential smoothing, short-range forecasts tend to be more accurate than longer-range. Most successful products pass through four stages: introduction, growth, maturity, decline. The forecast is the only estimate of demand until actual demand become known: human resources, capacity. Quantitative forecasts: forecasts that employ mathematical modeling to forecast demand. Qualitative forecasts: forecasts that incorporate such factors as the decision makers intuition, emotion, personal experiences and value system.
