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 skilled nursing care, A nursing home contracts with an HMO for skil...

A nursing home contracts with an HMO for skilled nursing care at $2.00 PMPM. If costs are expected to average $120 per day, what is the maximum utilization of days per 1,000 member

Traditional approach, compare between traditional and value driven approach...

compare between traditional and value driven approach

Explain handheld computer or a tablet computer, Which would you rather have...

Which would you rather have - a handheld computer or a tablet computer? Why?

Draw a 3-sigma p-chart using this information, The results of inspection of...

The results of inspection of DNA samples taken over the past 10 days are given below. Sample size is 100. Days: 1 2 3 4 5 6 7 8 9 10 Defectives: 7 6 6 9 5 6 0 8 9 1 a) Con

Explain how many customers could be served per hour, Greg Davis, a business...

Greg Davis, a business major at the University of South Carolina (USC), has opened Six Points Saco (SPS), a specialty subs-taco restaurant, at the rim of the USC campus. SPS has gr

Most vital factor in determining a company''s unit sales, Which of the foll...

Which of the following is the most important factor in determining a company's unit sales and market share of private-label footwear in a particular geographic region? a The len

Explain the ohio-based company is covered by the nlra, The Ohio-based compa...

The Ohio-based company is covered by the NLRA. The CEO has heard rumblings that the employees may not be satisfied and are looking for representation. The CEO asked you, "If a unio

Explain unethical for advertisers to pitch products, Do you feel it's uneth...

Do you feel it's unethical for advertisers to pitch products to patients and students in this fashion? why?

Describe interface of financial policy, Explain Interface of Financial Poli...

Explain Interface of Financial Policy and Strategic Management?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd