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December 13, 2017
The question of whether forecasts are necessary crops up from time to time. The inescapable conclusion is that no matter what type of business you are in, or what function you perform, there...
December 13, 2017
The DifferenceIt is important to know the difference between forecasting software and forecasting systems. Forecasting software is a stand-alone package that generates forecasts either via a model...
December 13, 2017
1.Mistake: The more sophisticated the model, the better.Correction: The sophisticated models are not necessarily better. Very often, simple models can give you as good as or better forecasts than...
December 13, 2017
Mention "forecasting," and most people think you're talking about their local meteorologist describing temperature ranges and cold fronts. The fact is, forecasting plays a critical...
December 13, 2017
There are basically three types of models, which are:(1) Time Series(2) Cause-And-Effect(3) JudgmentalTIME SERIES MODELSA Time Series is a series of observations at equal increments of time. In Time...
December 13, 2017
It is important to know the difference between forecasting software and forecasting systems. Forecasting software is a stand-alone package that generates forecasts either via a model selected...
December 13, 2017
How to Win the Support of Top Management for Forecasting
Step 1:
Educate top management. Whether management realizes it or not, forecasts are essential because every business decision depends...
What is Croston’s Intermittent Model?
Designed to deal with sporadic demand (no seasonality) with a two-step process. The main goal is to provide a good safety stock, resulting in a situation where there is neither over or under stock. This is accomplished by considering two aspects of the data: the demand size and the…
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