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For undergraduate and graduate courses in Business Forecasting.
Written in a simple, straightforward style, Business Forecasting, 9th Edition presents basic statistical techniques using practical business examples to teach readers how to predict long-term forecasts.
- Sales Rank: #153136 in Books
- Published on: 2008-02-18
- Original language: English
- Number of items: 1
- Dimensions: 9.90" h x 1.20" w x 8.00" l,
- Binding: Paperback
- 576 pages
From the Publisher
This top selling text presents, in a straightforward, application-driven manner, the basic statistical techniques that are useful for preparing individual business forecasts and long-range plans. The emphasis is on the application of techniques by management for decision-making.
From the Back Cover
KEY BENEFIT: The ninth edition of Business Forecasting presents basic statistical techniques that are useful for preparing individual business forecasts and long-range plans. Written in a simple, straightforward style and making extensive use of practical business examples, the book includes many cases that provide readers with the necessary link between theoretical concepts and their real-world applications. Readers should have a basic knowledge of statistics and be familiar with computer applications such as word processing and spreadsheets.
KEY TOPICS: The book first presents background material such as the nature of forecasting and a quick review of basic statistical concepts; proceeds with the exploration of data patterns and choosing a forecasting technique; covers averaging the smoothing techniques and time series decomposition; emphasizes causal forecasting techniques such as correlation, regression, and multiple regression analysis; and concludes with judgmental forecasting and forecast adjustments.
MARKET: Useful as a reference for students and professionals with job titles including: forecasting manager, marketing manager, production manager, and analyst.
About the Author
John E. Hanke
Eastern Washington University, Emeritus
Dean W. Wichern
Texas A&M University
In the first eight editions, the computer was recognized as a powerful tool in forecasting.
The computer is even more important now with the availability of powerful
forecasting software and easy access to data via networking capabilities and the
Internet.
A nationwide research study of all AACSB member institutions conducted by
the authors to determine what faculty do about using computers for teaching forecasting
showed that (1) most forecasting faculty (94.2%) attempt to provide
students with hands-on experience in using the computer, and (2) several statistical
packages and specific personal computer forecasting packages were mentioned in
the survey. The packages mentioned most frequently were Minitab, SAS, and
spreadsheets.
The authors have tried several different approaches to help faculty and students
use the computer for forecasting.This edition features the following:
1. Minitab instructions presented at the end of most chapters.
2. Excel instructions presented at the end of most chapters.
3. Three data collections available on the Internet (Minitab, Excel, other programs).
Each collection contains data from the text examples and problems. Each collection
also contains several new data series.To access the data sets on the Internet go
to the Prentice Hall Web site at www.prenhall.com/hanke
4. Examples of different computer outputs are placed throughout the text.
Most helpful customer reviews
12 of 14 people found the following review helpful.
frustrating
By R Smith
I bought this book to do forecasting for work. The authors' names looked familiar, but I thought maybe an obscure article or footnote was the reason. Then, after going through this book, I realized the reason - Wichern is the same guy who wrote the utterly confusing, frustrating, and represensible Multivariate textbook myself and fellow graduate students were subjected to (and promptly ignored in favor of better books on the subject).
This book is a perfect example of why textbooks suck - professors get tenure by publishing and other professors do the evaluation. Learning or effectiveness never comes into the equation. So, as a book for impressing other professors, this book is a huge success. But as a book for actually learning how to do forecasting, it is an utter failure.
With the advent of the internet, there is better information about this subject on-line (like Wikipedia), written for people who do real work. I gave it two stars only because it is a moderately useful reference.
8 of 9 people found the following review helpful.
A good text, but frustrating.
By A Graduate Student
The book presents the topic of forecasting in good, methodical way with examples and illustrations from Minitab. It the book also illustrates the procedures on how to work with Minitab.
However, it appears the book may not have been updated for the changes in the Minitab software. As such, trying to replicate the tables and output illustrated in the book is very frustrating. As a student trying to learn the basics of forecasting, it is not possible to tell what errors are mine versus being due to differences in the software.
The supporting student website only contains data sets. An update to the tables and exhibits at the website would be helpful, as well as mentioning the existence of the website more than is currently done in the text.
Other than the frustration caused by the tables and printouts not exactly matching the current Minitab printouts, it is a good, understandable text that would have rated a 5.
2 of 2 people found the following review helpful.
Hard book to use
By Breauxjw
You are not buying this book because you want to.
But be warned, if you are not using Minitab for class, you will have to scour the Internet for Excel tips and tricks to make the lessons work out.
I found the font to be too small for many of the important points (some of the problems absolutely could not be worked without the exact reference to the fine print notes on pages below the examples). Why would you reduce the font size for the examples?
Working through the text was difficult due to inconsistent and poorly referenced greeks (rho means several different things in the book).
If you are an instructor, you should assign individual members of your statistics class the same case study topics throughout the course (stick with the same data set) to increase the richness of the experience. H&W apply the successive statistics topic to the same basic case study data sets from chapter to chapter.
I learned a lot - but the experience could have been better with more Excel, and more consistency, and better editing.
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