Explain forecasting methodologies, Operation Management

Assignment Help:

Question :

What are the common characteristics amongst the several forecasting methodologies / techniques?

The different techniques make a common assumption that what happened in the past will continue to happen in future.

Forecasts are never absolutely precise
Possible to get a more accurate forecast for a set of variables than for a single variable
Accuracy of forecasts is inversely proportional to the ‘time horizon'
Conclusion

Related Discussions:- Explain forecasting methodologies

Advantages or disadvantages of diversity in the work place, 1. Discuss the ...

1. Discuss the advantages and disadvantages of diversity in the work place 2. Discuss some of the legal guidelines in place to protect diversity in the workplace 3. Identify

Explain company follow a plan of concentrated manufacturing, You are the CE...

You are the CEO of a chemical company that produces sulphuric acid, an acid that is used as an input in a wide variety of industrial products. The company has a good reputation in

Explain democracy of goods, The concept of the "democracy of goods" means w...

The concept of the "democracy of goods" means what? 1. Fill in the blanks: By Mistake, someone left spaces unfilled in the status report below. a. Please complete the report

Process design in operations managment, when asked to critically discuss ma...

when asked to critically discuss main factors that influence process design within a familiar organisation, does this mean a breakdown of the company''s design process or an analys

Explain inventory control, Explain inventory control. Inventory Contro...

Explain inventory control. Inventory Control - its importance and scope: Inventory control is the scientific way of finding out how much stock be maintained so as to meet the

Explain were the british more responsible for losing the war, Were the Brit...

Were the British more responsible for losing the war or were the colonists more responsible for winning it? Use specific examples from this week's readings to support your respons

Non-registered investment assets, They have set up two TFSAs for long-term ...

They have set up two TFSAs for long-term savings. One has a balance of $10,123 ($10,000 contributions, $123 in interest income for one year ). These funds are currently earn

Relevant costs and revenues, what are they

what are they

Performance measurement in organisations, Performance Measurement 1. A...

Performance Measurement 1. An effective performance measurement framework rarely is derived from one single approach. 2. Each of the methods outlined comes with its own un

Explain product focused, 1. What are the key characteristics that would cla...

1. What are the key characteristics that would classify Wheeled Coach as a repetitive focus process strategy? 2. Let's assume you are a new hire at Wheeled Coach. Your manager a

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages