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 marketing decisions without marketing research, Is it possible to m...

Is it possible to make sound marketing decisions without marketing research? What advantages does research offer to the decision maker over seat-of-the-pants decision making?

Describe how the operations function is linked with other, Q1: Explain how ...

Q1: Explain how the operations function is linked with other business functions in an extended enterprise. Discuss several specific functions and interactions. Q2: What are the

Explain individual employees and improve cooperation, How can a pay for per...

How can a pay for performance system increase motivation of individual employees and improve cooperation?

Explain effect on a service delivery system, Why does volatility of demand ...

Why does volatility of demand have a higher effect on a service delivery system than on a manufacturing system?

What are major and minor decisions, What are major and minor decisions? ...

What are major and minor decisions? Decision with regard to financial outlay can be minor or major. A decision concerned to the purchase of a CNC machine costing several lakhs

Determine the break-even point, Question: Le Bistro makes more than one...

Question: Le Bistro makes more than one product and would like to know its break-even point (price). Monthly fixed cost is estimated at $3,500 and management has gathered the f

Explain what is the maximum flow for this network, Union Express has 60 ton...

Union Express has 60 tons of cargo that need to be shipped from Boston to Dallas. The shipping capacity on each of the routes Union Express planes fly each night is shown in the fo

Digital Cell Phone, question 1. and 2.

question 1. and 2.

Explain marketing infant formula in a developing country, Under what circum...

Under what circumstances, if any, would a firm be justified in marketing infant formula in a developing country?

Assume the length of critical path in a project, Suppose the length of crit...

Suppose the length of critical path in a project is 40 days and the standard deviation is 2 days. What due date should be set for the project so that the probability of completing

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages