Forecast System
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Forecast System 2.1
RUNNINGHEAD: FORECASTING SYSTEMS
Forecasting Systems
P.1
Forecasting System 2.1
What is Forecasting?
Forecasting is the prediction of outcomes, trends, or expected future behavior of a
business, industry sector, or the economy through the use of statistics. Forecasting is an
operational research technique used as basis for management planning and decision
making. Common types of forecasting, include trend analysis, regression analysis, Delphi
technique, time series analysis, correlation, exponential smoothing, and input-output
analysis.
Briefly describe the steps that are used to develop a forecasting system.
Determine the use of the forecast.
Select items to be forecasted.
Determine the time horizon of the forecast.
Select the forecasting models.
Gather the data needed to make the forecast.
Make the forecast.
Validate and implement the results.
Identify the three forecasting time horizons and state and a approximate duration for each.
Short Range forecast. This forecast has a time zone of up to 1 year but is generally less than three months. Jail overcrowded, what can be done in the winter months when the jail gets a lot of homeless people with no place to stay.
Medium Range. A medium range, or another word for it is intermediate,