Chapter 3 Objectives (2024)

1. List the elements of a good forecast.

-The forecast should be timely.

-The forecast should be accurate.

-The forecast should be reliable.

-The forecast should be expressed in meaningful units.

-The forecast should be in writing.

-The forecast technique should be simple to understand anduse.

-The forecast should be cost-effective: The benefits shouldoutweigh the costs.

2. Outline the steps in the forecasting process.

-1. Determine the purpose of the forecast.

2. Establish a time horizon.

3. Select a forecasting technique.

4. Gather and analyze relevantdata.

5. Make a forecast.

6. Monitor the forecast.

3. Describe at least three qualitative forecastingtechniques and the advantages and disadvantages of each.

-Executive opinions:A small group of upper-level managers may meet and collectively develop aforecast. It has the advantage ofbringing together the considerable knowledge and talents of various managers. However, there is a risk that the view of oneperson will prevail, and the possibility that diffusing responsibility for theforecast over the entire group may result in less pressure to produce a goodforecast.

Salesforce opinions: The sales staff or thecustomer service staff is often a good source of information because of theirdirect contact with consumers. They areoften aware of any plans the customers may be considering for the future. One disadvantage is that they may be unableto distinguish between what the customers would like to do and what theyactually will do. Another is that thesepeople are sometimes overly influenced by recent experiences. In addition, if forecasts are used toestablish sales quotas, there will be a conflict of interest because it is tothe salesperson’s advantage to provide low sales estimates.

Consumer Surveys: Sinceit is the consumers who ultimately determine demand, it seems natural tosolicit input from them. The obviousadvantage of consumer surveys is that they can tap information that might notbe available elsewhere. Disadvantages: A considerable amount of knowledge andskill is required to construct a survey, administer it, and interpret theresults for valid information. Surveyscan be expensive and time consuming.

4. Compare and contrast qualitative and quantitative approachesto forecasting.

-Qualitative methods consist mainly of subjective inputs,which often defy precise numerical description.Quantitative methods involve either the projection of historical data orthe development of associative models that attempt to utilize causal variablesto make a forecast. Qualitativetechniques permit inclusion of soft (human opinions & hunches) informationin the forecasting process. Those factorsare often omitted or downplayed when quantitative techniques are used becausethey are difficult to quantify.Quantitative techniques consist mainly of analyzing objective, or hard,data. They usually avoid personal biasesthat sometimes contaminate qualitative methods.

5. Briefly describe averaging techniques, trend and seasonaltechniques, and regression analysis, and solve typical problems.

Averaging techniques smooth fluctuations in a time seriesbecause the individual highs and lows in the data offset each other when theyare combined into an average. A forecastbased on an average thus tends to exhibit less variability than the originaldata. This can be advantageous becausemany of these movements merely reflect random variability rather than a truechange in the series.

6. Describe two measures of forecast accuracy.

- Three commonly usedmeasures for summarizing historical errors are the mean absolute deviation(MAD), the mean squared error (MSE), and the mean absolute percent error(MAPE). mean absolute deviation (MAD) is the average absolute forecast error. mean squared error(MSE) is the average of squared forecast errors. mean absolute percenterror (MAPE) is the average absolutepercent error.

7. Describe two ways of evaluating and controllingforecasts.

-A control chartis a visual tool for monitoring forecast errors. In order for the forecast errors to be judged“in control”, two things must happen.One is that all errors are within the control limits. The other is that no patterns, trends, andcycles are present. A tracking signal isthe ratio of cumulative forecast error to the corresponding value of MAD usedto monitor a forecast. It relates thecumulative forecast error to the average absolute error. The intent is to detect any bias in errorsover time.

8. Identify the major factors to consider when choosing aforecasting technique.

- The two most important factors are cost and accuracy. Other factors to consider in selecting aforecasting technique include the availability of historical data: theavailability of computer software: the ability of decision makers to utilizecertain techniques: the time needed to gather and analyze data and to preparethe forecast; and any prior experience with a technique.

Chapter 3 Objectives (2024)

FAQs

How many research objectives should you have? ›

Research objectives indicate in more detail the specific research topics or issues the project plans to investigate, building on the main theme stated in the research aim. Normally at least two or three research objectives will be stated.

What are the 3 main objectives of the research? ›

Research Objectives | Definition & Examples
  • Establish the scope and depth of your project.
  • Contribute to your research design.
  • Indicate how your project will contribute to existing knowledge.
Jul 12, 2022

What are 5 examples of research objectives? ›

Some examples of objectives for market research purposes could include: brand awareness, brand image, consumer perception, consumer attitudes, buyer behavior, product satisfaction, consumer experience (good and bad), and intent to purchase behavior. Objectives should be tailored to each specific project.

What is needed in chapter 3? ›

The methodology section, chapter three should reiterate the research questions and hypotheses, present the research design, discuss the participants, the instruments to be used, the procedure, the data analysis plan, and the sample size justification.

How many objectives should you set? ›

To capture the ambitions of your organization, you should have a maximum of three Objectives, each with 3-5 Key Results. These should all fit on one or two pages. On these pages should be concise, one-sentence Objectives.

How many objectives and key results should you have? ›

We typically recommend setting a maximum of 3-5 OKRs per team per quarter. This is a maximum, not a minimum – it's perfectly appropriate to have only 1-2 OKRs. What matters most is that you don't pick a number and then let that dictate how many goals you need to achieve within the given timeframe.

How to write an objective? ›

Steps for Writing an Objective

Choose a verb that matches the desired level of knowledge or skill (see information on Bloom's Taxonomy below). Verbs should indicate specific, measurable, and observable behaviors. 3. Review each objective to make sure it is an outcome.

What is an example of a specific objective? ›

Example: Imagine a business that produces flavoured sparkling waters. A non-specific goal would be 'I want to expand my business'. A specific objective would be 'I wish to start selling my product in the USA to access a sizeable new market'.

What are the 3 parts of Chapter 3 in research? ›

Chapter 3 consists of three parts: (1) Purpose of the study and research design, (2) Methods, and (3) Statistical Data analysis procedure.

What is the most common research objective? ›

Explore Discover Construct

What is an example of objective data in research? ›

Objective data is data that can be measured.

Examples include the age of a person, the weight of a car, the exact time that an event occurred, or the temperature of a container of water. All of these are measurable and won't vary depending on who's doing the measuring.

What is the outline of chapter 3 in research? ›

In developing the chapter three of the research project, you state the purpose of research, research method you wish to adopt, the instruments to be used, where you will collect your data, types of data collection, and how you collected it. This chapter explains the different methods to be used in the research project.

How long should chapter 3 be? ›

Summarize key points of the chapter. Bridge to Chapter IV. Tip: Chapter III is expected to be 10-25 pages long.

How long does chapter 3 last? ›

Chapter 3 to date has an average of 90.5 days, but it's early to judge so will wait for it.

How do you determine objectives? ›

One way to identify objectives is to first examine a project's goals. Goals, or aims, are the long-term results of projects. They indicate what a business wants to achieve through a project. Objectives are shorter-term, practical routes to achieving goals.

What is the rule of three objectives? ›

The Rule of Three is a very simple way to get better results with skill. Rather than get overwhelmed by your tasks, you get intentional about your three victories that you want to accomplish. Think in Three Wins. This puts you in control, now matter how chaotic things are around you.

How long should a good objective be? ›

Think of it as a statement to guide the results of your project—your project objective statement should be about one to two sentences long.

How many objectives should each goal have? ›

Objectives state the specific actions you will take to achieve your goals. Objectives must be specific, measurable, and time-bound. For each goal, you should develop 3-5 objectives.

How many objectives should a project have? ›

Keep 3-4 objectives: Most experts recommend keeping three to four objectives in a proposal. Each objective will further have several activities and tasks to be undertaken and therefore having many objectives will just complicate project implementation.

How do you write objectives for Key Results? ›

That's why we've collected these tips:
  1. Keep it Simple. Focus on objectives you know you can achieve in the given timeframe. ...
  2. Be Specific. ...
  3. Cascade Your Objectives. ...
  4. Make it Measurable. ...
  5. Don't Worry About Stretch Goals. ...
  6. Break Key Results into Smaller Goals. ...
  7. Celebrate and Recognize.
Oct 6, 2022

What is a good objective? ›

The most effective objective is one that is tailored to the job you are applying for. It states what kind of career you are seeking and what skills and experiences you have that make you ideal for that career. A resume objective might also include where you have been and where you want to go in your career.

What are the 3 parts of an objective? ›

Objective statements contain three parts: behavior, conditions, and criteria.

How many learning objectives should a lesson have? ›

What is clear is that three learning objectives is the minimum, but there can be as many as seven learning objectives per lesson. These objectives should be clear for the students and able to be evaluated following the lesson to ensure an understanding of the materials being taught.

What is an example of objective question? ›

Objective questions are those based in fact, where a respondent's answer can be determined as right, wrong, true or false. An example of an objective question would be to ask where someone lives or what they bought from your store.

What is objective in one sentence? ›

In grammar, the word objective is applied to words that function as objects—the recipients of actions. In the sentence The dog ate my homework, the word homework is in the objective case (meaning that it's the object—the recipient—of the action).

What is an example of objective in a sentence 5? ›

Our main objective was the recovery of the child safe and well. His objective was to play golf and win. He had no objective evidence that anything extraordinary was happening. I believe that a journalist should be completely objective.

How do you start a chapter 3 research? ›

CHAPTER 3 You'll probably start with a brief introduction, stating once again the purpose of your study. Provide a brief introduction linking what you presented in Chapter 2 to your research questions. Then list your research questions exactly as they were listed in Chapter 1.

What tense is used in chapter 3 research? ›

If you are at the proposal stage and first writing Chapter 3, then you should use the future tense because you have not carried out your study yet. If you are at the final study stage and going back to revise Chapter 3, then you should use the past tense because you have now completed the study.

What are the first 3 chapters of research? ›

Chapter one consists of problem, purpose, hypotheses or research questions, definitions, theoretical framework, and significance for nursing. Chapter two consists of the review of literature. Chapter three consists of the methodology: sample, setting, design, data analysis methods, and ethical concerns.

What are the 4 objectives of research? ›

Your research objectives should be SMART—Specific, Measurable, Achievable, Realistic and Time-constrained.

What are the two main objectives of research? ›

There are two types of research objectives, namely, general objectives and specific objectives.

What are 4 characteristics of a good research objective? ›

Research objective should be Relevant, Feasible, Logical, Observable, Unequivocal and Measurable.

How do you answer research objectives? ›

Here are three simple steps that you can follow to identify and write your research objectives:
  1. Pinpoint the major focus of your research. ...
  2. Break down your research focus into research objectives. ...
  3. Write your research objectives in the SMART format. ...
  4. Keep your number of objectives limited. ...
  5. Use action verbs.
Feb 16, 2023

What are objectives questions in research? ›

Research objectives are clear statements of what you aim to achieve through your research. They are specific actions that you will take and act as milestones that will help you complete your research. A research question is the specific concern that you will answer through your research.

Which answers research questions or objectives? ›

Research questions are the starting point in any good research . They provide the road map to proceed and identify and focus on the research gaps . The research objectives are actions intended to answer the research questions .

How do you write an objective for qualitative research? ›

Your objectives should be stated using action verbs that are specific enough to be measured, for example: to compare, to calculate, to assess, to determine, to verify, to calculate, to describe, to explain, etc.

What is an example of an objective observation? ›

Objective observations are factual. They are not influenced by the observer's feelings, opinions, or biases. For example, an objective observation might state: 'The honeybee made fourteen trips between the flower and the hive in less than two hours. ' This observation states observable facts.

What is objective vs subjective? ›

Subjective and objective are two forms of perception, and the main difference between them is that a subjective point of view focuses on a personal interpretation of the subject, while an objective viewpoint is based on factual data.

What is the third part of research paper? ›

The third part should give the reader a quick summary of the form that the parts of the research paper is going to take and should include a condensed version of the discussion.

How do you write a source of data in research? ›

Methods of Collecting Primary Data
  1. Direct personal investigation.
  2. Indirect oral investigation.
  3. Information through correspondents.
  4. Telephonic interview.
  5. Mailed questionnaire.
  6. The questionnaire filled by enumerators.
Jan 23, 2021

How do you write a research data analysis? ›

What should a data-analysis write-up look like?
  1. Overview. Describe the problem. ...
  2. Data and model. What data did you use to address the question, and how did you do it? ...
  3. Results. In your results section, include any figures and tables necessary to make your case. ...
  4. Conclusion.

Has chapter 3 ended? ›

With Chapter 3 coming to an end on December 3, Fortnite fans are wondering just how much the game is going to change, and this Chapter's shorter length might be a good indication of that. When compared to the last two Chapters, Fortnite Chapter 3 is the shortest by a long way.

Is 3 pages enough for a chapter? ›

There are no rules when it comes to chapter length. The important thing is to concentrate on making your chapters fit your story, not on making your story fit your chapters. Many novelists these days prefer chapters that are between 1,500 words—or six book pages— and 8,000 words, or 32 book pages.

Is 1000 words enough for a chapter? ›

As a general rule, if a chapter is under 1,000 words, it might not be a whole idea or chapter. It might be part of something else. See if it makes more sense to combine it with another chapter. If your chapter is more than 5,000 words, see if you can break it into different ideas.

Why was Chapter 3 so short? ›

It looks like chapters are getting shorter because there will be no Fortnite Chapter 3 Season 5. Epic Games has confirmed Chapter 3 will come to an end with an all-star live event on December 9.

What day does Chapter 3 end? ›

It's been confirmed that Fortnite Chapter 3 Season 4 will end on Saturday, December 3, 2022, at 1PM PT / 4PM ET / 9PM GMT.

How long is downtime chapter 3? ›

After that, players will get another "To Be Continued" screen, which will last approximately 12 hours. Fortnite updates typically come at 4 am Eastern Time, with most events starting at 4 pm. Due to this, we can expect a 12-hour Fortnite downtime, which isn't too bad considering that a new season will come out.

Can you have more than one research objective? ›

Many research projects contain more than one research objective. Creating strong research objectives can help your organization achieve its overall goals.

Is it okay to have 5 research questions? ›

as a rule of thumb 5 to 10 questions at max is OK. the upper limit is pragmatic because the more research questions one has, the more literature they need to produce, the more analysis they have to produce which makes impossible to manage too many questions.

How many objectives should a Masters research have? ›

Some individuals per to define one broad 'overarching aim' of a project and then adopt two or three specific research aims for their thesis or dissertation.

What is the maximum number of specific objectives? ›

It is therefore advisable to limit the number of specific objectives. In most practical situations, the number of specific objectives should not exceed three.

What is the maximum of objectives in research? ›

Eight or nine objectives are probably the maximum you need, but often far fewer.

Do you need both research questions and objectives? ›

Thus, to frame your research questions, you will also need to have a clear idea of what you aim to achieve through the study. Therefore, research questions are based on the research problem and the research objectives.

How many objectives should you have in a dissertation? ›

How many aims or objectives should there be? There are no fixed number of aims or objectives. Some tutors are happy with one clear strong aim, whilst others like to see a main aim supported by at least two subsidiary aims.

How many research questions is too many? ›

A typical study may be expected to have between 1 and 6 research questions. Once the writer has determined the type of study to be used and the specific objectives the paper will address, the writer must also consider whether the research question passes the "so what" test.

How many research questions is too much? ›

A study should have a minimum of 3 questions and a maximum of 6 queries. Once the research question is determined, the researcher should plan what the method suitable is.

What is the ideal number of research questions? ›

Start with 2 or 3 questions. If too many questions are posed, a study may be simply too large to manage. That is why I generally suggest starting with 2-3 research questions; although some studies may have more.

How many objectives does a PhD research have? ›

These two objectives are sometimes stated as the two basic goals of a PhD program: to extend knowledge about an important topic through research, and to provide training to the PhD student to develop competencies needed to be an effective researcher. These together can be considered as research competencies.

What is the average Master thesis? ›

The average masters thesis is typically between 50 and 100 pages long. The length of the thesis will vary depending on the discipline and the university requirements but will typically be around 25,000 to 50,000 words in length. My Masters thesis in theoretical computational chemistry was 60 pages long.

What is the difference between research questions and research objectives? ›

In summary, research questions and objectives are two distinct aspects of the research process. Research questions are broad statements that guide the overall direction of the research, while research objectives are specific, measurable goals that the research aims to achieve.

What are objectives vs specific objectives? ›

Objectives can be general or specific. The general objective of your study states what you expect to achieve in general terms. Specific objectives break down the general objective into smaller, logically connected parts that systematically address the various aspects of the problem.

What is bigger an objective or a goal? ›

Goals often point to a larger purpose, a long-term vision, or a less tangible result, whereas objectives tend to be time-limited, measurable actions with tangible outcomes that help push progress toward broader goals.

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