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 web-based appraisal systems, What do you think are the pros and con...

What do you think are the pros and cons of using a web-based appraisal systems?

Explain when is it said to have a normal distribution, When a value of a va...

When a value of a variable(like the possible number of people who might be interested in your product) is said to have a normal distribution, how do the highest and lowest possible

Explain revealed its batna, During a negotiation, the union proposes a 25 c...

During a negotiation, the union proposes a 25 cent per hour wage increase across the board. Management says it cannot afford that. Management has just: A. Reached an impasse B. Est

Explain project lacking a time-phrase baseline, Create a worst-case scenari...

Create a worst-case scenario for a project lacking a time-phrase baseline. Also discuss if you were ever in such a situation, the outcomes of the situation and what you learned. Th

Confidence interval of the population mean life, A sample of 36 "AA" Alkali...

A sample of 36 "AA" Alkaline batteries has a mean life of 6 months. The standard deviation of the population is known to be 3 months. Find the 95% confidence interval of the popual

Disadvantages, What are the disadvantages of operation management?

What are the disadvantages of operation management?

#title.OPERATION MANAGEMENT, OPERATION TRANSFORMATION PROCESS DIAGRAM

OPERATION TRANSFORMATION PROCESS DIAGRAM

Explain how often do you think very favourable, How often do you think very...

How often do you think very favourable, intermediate, or very unfavourable situations occur to leaders in real life? Based on Fiedler's theory

Explain which style did you find most effective, Think back to teachers you...

Think back to teachers you have had, and identify one each who fits a supportive style, directive style, participative style, and achievement-oriented style according to the path-g

Define the operation process, Recalling your participation in Workshop 1, i...

Recalling your participation in Workshop 1, identify a process at your organisation that has been or could be analysed and/or improved using simulation (via software such as Extend

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages