Explain forecasting methodologies, Operation Management

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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

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