UA OM 300 - Lecture 24: Forecasting Cont. - D30271

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UA OM 300 - Forecasting Cont.

School name University of Alabama

Course Om 300- Intro Operations Management

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OM 300 1nd Edition Lecture 24 Outline of Last Lecture I Elements of Optimization II Feasibility III Excel Solver Outline of Current Lecture I Trend Projections II Least Squares Method III Seasonal Variations in Methods Current Lecture These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Seasonal Variations in Data Steps in the process for monthly seasons 1 Find average historical demand for each month 2 Compute the average demand over all months 3 Compute a seasonal index for each month 4 Estimate next year s total demand 5 Divide this estimate of total demand by the number of months then multiply it by the seasonal index for that month

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