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

Capacity implication, how can make a plan for appropriate capacity of a cin...

how can make a plan for appropriate capacity of a cinema by replacing amount of standard seats with luxury seats?

Explain benifit program in a large organization, How would you oversee the ...

How would you oversee the design (or redesign) of a benifit program in a large organization? What issues would you consider?

What is operations management, Q: What is operations management? A: Ope...

Q: What is operations management? A: Operations management is the planning, organising and control of systems which produce goods and services. It is one of the most important

Explain motivating employees, What are some effective ways companies are mo...

What are some effective ways companies are motivating employees for (retention and best return). Will rate accordingly. Thanks

Dipict the network diagram, Four parts (A, B, C, and D) are processed throu...

Four parts (A, B, C, and D) are processed through a sequence offour operations (1, 2, 3, and 4). Not all parts are processed inall operations. Part A, which has weekly quantities o

Define what pepsi do better to respond to global ethical, Answer the follow...

Answer the following questions on the Topic of Ethics / Pepsi 1 Pepsi asserts that its products meet all applicable government safety standards. From an ethical perspective, is

Explain the first stage in the new-product process is, The first stage in t...

The first stage in the new-product process is idea generation. screening and evaluation. business analysis. new-product strategy development. concept testing.

Explain what standard time is applicable for operation, A recently negotiat...

A recently negotiated union contract allows workers in a shipping department 24 minutes for rest, 10 minutes for personal time, and 14 minutes for delays for each 4 hours worked. A

Traditional accounting based measurements, Traditional Accounting Based Mea...

Traditional Accounting Based Measurements and Their Limitations Neely (1999) suggests that traditional financial measures of performance are criticised because they:

Explain propose effective communication techniques, You are the civil engin...

You are the civil engineering foreman in charge of a 24-person group whose charter is to erect 3,000 tents for refugees who lost their homes in an earthquake. You have 10 days to a

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages