Types of forecasting There are two major types of forecasting‚ which can be broadly described as macro and micro: Macro forecasting is concerned with forecasting markets in total. This is about determining the existing level of Market Demand and considering what will happen to market demand in the future. Micro forecasting is concerned with detailed unit sales forecasts. This is about determining a product’s market share in a particular industry and considering what will happen to that market
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International Journal of Engineering & Technology IJET-IJENS Vol: 10 No: 03 57 Fully Automated Attendance Record System using Template Matching Technique Tabassam Nawaz†‚ Amber Assad††‚ Zunaira Khalil††† tabassam.nawaz@uettaxila.edu.pk ‚ amberasad2003@yahoo.co.uk ‚ zunaira0001@yahoo.com of Software Engineering‚ University of Engineering & Technology Taxila‚ Pakistan of Software Engineering‚ University of Engineering & Technology Taxila‚ Pakistan ††† Department of Software Engineering‚
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Modern Project Management. 1. Project: A project is an effort or endeavor undertaken for a period of time in the purpose to build‚ create or achieve a unique product‚ services or result. The Characteristics are: * It has an established objective. * It has a defined life span i.e. (Beginning and end) * It involves the input of several departments and professionals. * It’s Unique‚ because it is what has never been done before. * It makes vital use of specific time‚ cost and
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What is in it for me‚ huh? That is the rational thinking of every human being. It is safe to say it is human nature to have our actions based on our self-interest. As human beings‚ we are programmed to try to avoid getting hurt as much as possible. We do not like taking action if we know if pain will occur. Humans wish to acquire benefits for their own sake and happiness in their life. Even though humans are emotional creatures‚ we use logic and facts to make our actions that will best suit us. There
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Content Page 1. Executive Summary Page 2 2 Background of our company Page 3 3. Scope of the Project Page 4 4. Objective of the project Page 5 5. Project management‚ planning and cycle Page 6 5.1.1. Business Aspect – Study Period Page 7 5.1.2. Business Aspect – Implementation Period Page 8 5.1.3. Business Aspect – Operation Period Page 9 5.2.1. Budget Aspect – Study Period Page 9 5.2.2. Budget Aspect – Implementation Period
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UNIT 6 DEMAND ESTIMATION AND FORECASTING Objectives By studying this unit‚ you should be able to: identify a wide range of demand estimation and forecasting methods; apply these methods and to understand the meaning of the results; understand the nature of a demand function; identify the strengths and weaknesses of the different methods; understand that demand estimation and forecasting is about minimising risk. Structure 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 Introduction Estimating Demand Using
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Expected Monetary Value In a business environment‚ we frequently use probabilities to assess alternative financial decisions Example 1: A coin is tossed ten times. When a head is obtained‚ €4 is won. When a tail is obtained‚ €2 is lost Calculate the expected winnings. Outcome HEAD TAIL Winnings €4 -€2 Probability 0.5 0.5 Expected winnings in one toss: Expected Monetary Value (or just Expected Value (EV) = €1 Note: You never actually receive
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Manager’s Guide to Forecasting by David M. Georgoff and Robert G. Murdick Harvard Business Review Reprint 86104 J A N U A RY– F E B R U A RY 1 9 8 6 HBR Manager’s Guide to Forecasting David M. Georgoff and Robert G. Murdick E arly in 1984‚ the Houston-based COMPAQ Computer Corporation‚ manufacturer of IBMcompatible microcomputers‚ faced a decision that would profoundly affect its future. Recognizing that IBM would soon introduce its version of the portable computer and threaten
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Objectives (Importance) of Demand Forecasting Demand forecasting is an inseperable part of a modern day business management. The business houses spend large amounts of money on demand forecasting. The importance of Demand Forecasting arises from out of the objectives served by it. The prominent objectives can be described as follows 1. Planning production :- In a modern economy‚ the production of any commodity is uindertaken in anticipation of demand. The firm produces in advance and keeps
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ANIMAL CELL MODEL PROJECT THIS IS AN INDIVIDUAL PROJECT. You will construct a 3D model of an animal cell. Your model may be edible or made from craft materials. Please do not spend a lot of money on your project. If you can’t find craft supplies in 324/325 then you will have to purchase those supplies. For those who will be using Styrofoam‚ I don’t have any of the large Styrofoam balls so you definitely will have to purchase those. Go to a dollar store first; Dollar Tree does have a craft section
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