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

How to exceeded these requirements, Please solve the following constraint t...

Please solve the following constraint then graph: -0.30x + 0.70y ? 0 Show ALL work as to how you got to your conclusion. I will give the highest rating to the person who I fe

What are the major operational functions in the organisation, What are the ...

What are the major operational functions in the organisation? Main operational functions in the organisation are as follows: • Marketing and sales for example, identifying w

Assess the vital of completing post-project reviews, Assess the importance ...

Assess the importance of completing post-project reviews, and determine what project documentation must be updated as the result of the review meeting. Discuss the risks associated

Quality control, How did Jim conclude that the process was not capable base...

How did Jim conclude that the process was not capable based on his first set of samples? 2. Does the second set of samples show anything that the first set didn’t? Explain what an

Explain managers and supervisors need to have knowledge, Why do all manager...

Why do all managers and supervisors need to have knowledge and skills related to Human Resource management?

Explain who is most likely to win the business, A Chicago-based manufacture...

A Chicago-based manufacturer is looking for someone to handle its shipments to the West Coast. In order to evaluate potential transportation providers, the manufacturer has develop

Explain what is the business community''s responsibility, What is the busin...

What is the business community's responsibility regarding mitigating social problems?

Organizational goals, outline major benefits of organizational goals and d...

outline major benefits of organizational goals and describe the situation in which have observe the benefiys

Various levels of customer service in your organization, Has the philosophy...

Has the philosophy that there are different levels of customers had any material effect on the value of your organization's customer service? • Identify and explain the differen

Operations Theories., Choose an Operations Management problem relating to a...

Choose an Operations Management problem relating to an organisation of your choice and undertake a critical review.

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages