About This Chapter
Understanding Business Forecasting - Chapter Summary
If you need to better understand business forecasting, look no further than this useful business chapter. Through a series of expertly taught lessons, you'll examine the fundamentals of business forecasting models, indexes, payoff tables, time series analysis and more. You can retain your knowledge by taking the accompanying lesson quizzes and multiple-choice chapter exam. The chapter can be studied any time that fits your schedule, and we've made it available on any computer or mobile device. You can also reach out to our instructors with any questions you may have. When you're finished, you should be equipped to:
- Assess several business forecasting models
- Describe the applications of time series analysis
- Explain how indexes are used in business
- Use payoff tables and decision trees to predict business outcomes
1. What is Forecasting in Business? - Definition & Models
Being able to predict what is coming next is an invaluable skill for a business. In this lesson, we look at how businesses use forecasting to make the best possible plans for the future.
2. Time Series Analysis & Its Applications
In this lesson, we will explain time series analysis, its purpose and uses. We will define trend, cyclical and seasonal variances. We will solve a real-world business problem using time series analysis.
3. Indexes in Business: Definition, Use & Examples
When making important decisions, businesses need solid, accurate data. Indexes help organizations understand how they measure up and how financial trends have played out over time.
4. Predicting Business Outcomes Using Payoff Tables & Decision Trees
The quality of strategic decisions is heavily dependent on data provided by statistical analysis. Payoff table and decision trees are tools that can turn raw data into actionable information.
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Other chapters within the Business 212: Business Statistics course
- Introduction to Business Statistics
- Introduction to Categorical Data
- Descriptive Statistics: Measurement
- Descriptive Statistics: Representation
- Measures of Dispersion in Business
- Measures of Association & Correlation in Business
- Probability for Business Statistics
- Probability Distributions for Business Statistics
- Sampling Methods for Statistics
- Confidence Intervals
- Hypothesis Testing in Business
- Analysis of Variance
- Nonparametric Methods in Statistics
- Regression Analysis
- Using Control Charts in Business