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February 5, 2018
Whether you realize it or not, virtually every business decision and process is based on a forecast. Anything you plan is generally based on an assumption of something happening...
1.Mistake: The more sophisticated the model, the better. Correction: The sophisticated models are not necessarily better. Very
Mention "forecasting," and most people think you're talking about their local meteorologist describing temperature ranges and cold
There are basically three types of models, which are: (1) Time Series (2) Cause-And-Effect...
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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…Read on in the Glossary