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

Describe how the input from other areas into pac, 1. What is one of the key...

1. What is one of the key elements of an effective PAC system? Why is this element so important? 2. Explain how the input from other areas into PAC and the feedback PAC provides

Explain corporate social responsibility, For this project component, you ge...

For this project component, you generally assess the impact of corporate social responsibility policy on the workplace and corporate America. To complete this assignment: • A

Explain introduce to a newly rebuilt world trade center, What types of chan...

What types of changes would you introduce to a newly rebuilt World Trade Center?

Compute demand for a product, Historical demand for a product is:January DE...

Historical demand for a product is:January DEMAND 12 / February DEMAND 11/March DEMAND15/ April DEMAND 12/ May DEMAND 16 /June DEMAND 15 a. Using a weighted moving average with

Principles and Practices of Management, How will you influence people to st...

How will you influence people to strive willingly for group objectives in your organization (target based industry)? Apply your interpersonal influence through communication proces

Explain future hold for traditional mass-media advertising, What does the f...

What does the future hold for traditional mass-media advertising?

Explain pros and cons regarding the theories of motivation, What are the pr...

What are the pros and cons regarding the theories of motivation?

Explain what are the two major types of labour arbitration, What are the tw...

What are the two major types of labour arbitration "interest" and "right"? Explain each.

Explain the food stamp and fast foods, Case Study- Food Stamp and Fast Food...

Case Study- Food Stamp and Fast Foods 1. What is the the legal issues involved in the expansion of the SNAP program to the fast food business as well as to how these legal issue

Explain intangible assets and human capital, Companies are now more and mor...

Companies are now more and more interested in using intangible assets and human capital as a way to gain an advantage over competitors. True False

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages