Asked by Nicole Nagatoshi on May 21, 2024
Verified
The goal of any forecasting method is to
A) predict the random component of demand and estimate the systematic component.
B) predict the systematic component of demand and estimate the random component.
C) predict the seasonal component of demand and estimate the random component.
D) predict the random component of demand and estimate the seasonal component.
Forecasting Method
A process used to predict future values based on past and present data, often utilized in finance, weather prediction, and supply chain management.
Systematic Component
The part of a process or series that can be directly linked to specific casual factors, showing predictable patterns over time.
Random Component
In statistical models, the part of variation that cannot be attributed to any identifiable factors and appears without a discernible pattern.
- Gain insight into the different forecasting techniques and their unique qualities.
Verified Answer
Learning Objectives
- Gain insight into the different forecasting techniques and their unique qualities.
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