Term
CPFR (Collaborative Planning, Forecasting, and Replenishment) 

Definition
sharing info with a selling company ex, Colgate does a promotion and tells Walmart so they know to order more products earlier 


Term

Definition
length of time where a forecast is based, short range are more accurate than long range because there are less variables 


Term

Definition
1) Trend, 2) Seasonal patterns, 3) Cyclical patterns, 4)/5) Random variation or noise and one time variation or error 


Term

Definition
aka Noise, unexplained deviation of a time series or trend because forecasts are never accurate 


Term

Definition
one time variation that is explainable, ex hurricane causes increase in demand for food and water 


Term
Judgemental forecasting (Qualitative) 

Definition
relies on opinions and expertise of forecasts when no historical data is available 


Term

Definition
forecasting through expert opinion by getting a bunch of experts to talk about ideas individually 


Term

Definition
sample size is larger than delphi method but is costly 


Term
Statistical forecasting (Quantitative) 

Definition
using numbers to assume that the future is correlated to the past 


Term
MAPE (Mean Absolute Percentage Error) 

Definition
dividing absolute error by time series data to make it easier to interpret (a percentage of error) 


Term

Definition
method to quantiy bias by getting the average absolute deviation (MAD) 

