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What goes on behind the forecast

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Reference no: EM131208940

Have a few questions I need help with. Each question needs it's own answers.

Q1. Many managers want to know what goes on behind the forecast. They may feel uncomfortable with complex statistical models with too many variables. They also need to feel a part of the process. How do you feel regarding forecasting? Are you comfortable with complex models?

Q2. How does one know if the forecasting model being used is accurate? Is one forecasting model more effective for certain demand
projections? Please explain.

Q3. Please define and explain Mean absolute deviation (MAD), and How would you use it in Forecasting?

Reference no: EM131208940

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