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 enable them to limit the probability of a stockout, A wine company'...

A wine company's daily demand is normally distributed with a mean of 18 bottles, and a standard deviation of 4 bottles. This company checks their winery's stock every 30 days. In t

Explain work center, Distinguish between a work center, a GT cell, and a fl...

Distinguish between a work center, a GT cell, and a flow shop. Describe and provide examples of each

Line balancing, what do you understand by line balancing what happens if ba...

what do you understand by line balancing what happens if balance doesn''t exist

Explain variety of theories of motivation, There are a variety of theories ...

There are a variety of theories of motivation, many of which are complementary. Of the main motivational theories described in the text, which theory or theories do you think would

Explain it is important that lean six sigma efforts, It is important that L...

It is important that Lean Six Sigma efforts be linked specifically to strategic goals of the organization.

What deliver the message to management, Please give a detailed explanation ...

Please give a detailed explanation for the answer for the following scenario: As the manager of a plant, you have seen production increase by 20% over the past year, but you have a

Explain is the value of the educational programming, Is the value of the ed...

Is the value of the educational programming provided to hospitals and schools worth the price of the commercial messages that accompany it?

Describe three needs theory, Explain David McClelland's "Three Needs Theory...

Explain David McClelland's "Three Needs Theory"

Describe analyze the diversity practices of your organizatio, Analyze the d...

Analyze the diversity practices of your organization to determine if it is engaged in surface-level or deep-level diversity. Provide specific examples to support your response.

What is objective function, FestiveMeadow3308 Baseballs (z1) requires 3 ...

FestiveMeadow3308 Baseballs (z1) requires 3 minutes/unit for cutting and 2 minutes/unit for glueing. Basketballs (z2) requires 2 minutes/unit for cutting and 4 minutes/unit for

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages