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

Compute a schedule using least-total-cost lot sizing, Brunswick, read an ar...

Brunswick, read an article on time-phased requirements planning. He was curious about how this technique might work in scheduling Brunswick's engine assembly operations and decided

What are the benefits of an erp system, 1. Does the JIT philosophy incorpor...

1. Does the JIT philosophy incorporate the calculation of EOQ? 2. What is the difference between MRP and ERP? 3. Why would a company implement an MRP system? 4. What ar

What is average costumer waits time in line, A newly opened car wash statio...

A newly opened car wash station has a car wash machine. The machine washes each car in a constant rate of 5 minutes per car. It has been estimated that costumers will arrive accord

Explain objectives of job evaluation, Explain objectives of job evaluatio. ...

Explain objectives of job evaluatio. Objectives of job evaluation: a) Decides the relative values of various jobs in an organization. b) Helps to formulate a suitable a

Compute what is its cost of common equity, The earnings, dividends, and com...

The earnings, dividends, and common stock price of Carpetto Technologies Inc. are expected to grow at 8% per year in the future. Carpetto's common stock sells for $27.75 per share,

Explain what is the difference between morality and ethics, What is the dif...

What is the difference between morality and ethics?

Compute panera breads strategy and its effectiveness, Evaluate Panera Bread...

Evaluate Panera Breads strategy and its effectiveness with executing the strategy within the competitive fast-casual restaurant marketplace. Discuss the pitfalls to this strategy a

Explain penetrated market, Which market do customers who have purchased and...

Which market do customers who have purchased and are driving Audi automobiles represent? a. Target market b. Available market c. Potential market d.

Explain what ethical considerations your response, Please explain in detail...

Please explain in detail what you would do for the following scenario: A good friend of yours from college who had a wild reputation is applying at your company. The HR manager cat

Define older quality improvement programs, Some have argued the Six Sigma p...

Some have argued the Six Sigma programs are merely repackaged versions of older quality improvement programs that originally accompanied TQM initiatives in the 1980s. Present argum

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages