12/27/2023 0 Comments System shock 2 how to get to r&d![]() If the forecaster can readily apply one technique of acceptable accuracy, he or she should not try to “gold plate” by using a more advanced technique that offers potentially greater accuracy but that requires nonexistent information or information that is costly to obtain. In general, for example, the forecaster should choose a technique that makes the best use of available data. These factors must be weighed constantly, and on a variety of levels. ![]() ![]() The selection of a method depends on many factors-the context of the forecast, the relevance and availability of historical data, the degree of accuracy desirable, the time period to be forecast, the cost/benefit (or value) of the forecast to the company, and the time available for making the analysis. The manager as well as the forecaster has a role to play in technique selection and the better they understand the range of forecasting possibilities, the more likely it is that a company’s forecasting efforts will bear fruit. Each has its special use, and care must be taken to select the correct technique for a particular application. To handle the increasing variety and complexity of managerial forecasting problems, many forecasting techniques have been developed in recent years.
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