Date: July 17, 2008
Time: 9:06 PM
Place: DeVry Lab
1. Determine the use of the forecast: I will forcast when I will graduate from undergrad in order to prepare for grad school.
2. Select the item or quantities that are to be forecasted: I need the # of credits that I will complete per semester. Once 124 are reached, then I am eligible to graduate.
3. Determine the time horizon of the forecast: This is a medium range forcast of about a 13 months.
4. Select the type of forecasting model to be used: I'll use a naive time series approach
5. Gather the necessary data - review my academic record and see how many credits I have taken per semester.
6. Validate the forecasting model - If I were to graph the data, the naive approach would be validated. I have taken 18-19 credits per semester
7. Make the forecast - since I took 19 credits last semester. I forcast that 19 will be taken each upcoming semester. I can graduate in Session B of Summer '09, unless I take 20 credits one semester- then I can graduate Session A of Summer '09
8. Implement the results - I will begin preparing for the GMAT now and apply to grad schools during Fall & Winter '08 in order to enroll in Fall '09.
9. Evaluate the results - the forcast seems very applicable & valid. I'm not going to take any breaks or have to repeat any courses. The courseload will remain the same.
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