This module is based on forcasting the class course is Probability and Statistics: Forecasting is an essential tool for businesses as well as the weather bureau. Business forecasting can be critical to ensuring that the business obtains the correct amount of resources to meet their production and sales goals. This chapter will provide techniques of forecasting that can be used to assist in this process.
When you complete this module, you should be able to:
- Explain the components of forecasting.
- Use time series methods to solve for forecasts.
- Explain and use forecast accuracy methods.
- Contrast the impact of the various components of forecasting.