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

Explain describe your findings as frequencies, Poll a small sample of class...

Poll a small sample of class members, work associates, or friends and ask them to answer the following in a paragraph or two: "What are your career aspirations for the next five

Factors for selection of processes, Factors for Selection of Processes ...

Factors for Selection of Processes The following factors should be considered for selection of processes: Quantity to be produced: Some processes are very expen

Implementation of policies in your business strategy, What processes do MNC...

What processes do MNCs need to establish in order to reduce prosecution risk? Many MNCs have decided to confront concerns about ethical behavior by developing worldwide practices t

Explain estimating the mean height of a sample of seedlings, A biologist re...

A biologist reports a confidence interval of (2.0,2.4) when estimating the mean height (in centimetres) of a sample of seedlings. What is the estimated margin of error and the samp

Changes in employment by sector - operations function, (1) Firstly, conside...

(1) Firstly, consider the changes in employment by sector over the period charted in the figure (1850 - 2000). What factors do you think contributed to the reduction in employment

Explain what three functions are salaries meant to perform, What three func...

What three functions are salaries meant to perform?

Explain difference is the mean value of the paired, If you are interested i...

If you are interested in estimating the difference between the means of two samples that have been paired, the point estimate for this difference is the mean value of the paired di

Devise a regression equation and predict the profitability, Consider the ta...

Consider the table below. This time, the historical profitability of eight locations is listed in the table. Devise a regression equation and predict the profitability of a new sit

Explain primarily used to help design products, Which of the following is p...

Which of the following is primarily used to help design products that will connect product attributes with customer desires?

Explain to what extent did marketing play a role, From an analysis of the c...

From an analysis of the case, discuss some key factors that led to the Williams Company's decline and ultimate exit from the private sector. • To what extent did project managem

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages