ENTREPRENEURIAL OPERATIONS
PRODUCTION PLANNING AND CONTROL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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correct statement about forecasting
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forecasts are rarely correct
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long term forecasts are less accurate than short term forecasts
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agregate forecasts are more accurate than disaggregate forecasts
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all above
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Explanation:
Detailed explanation-1: -First, decide the intent of the forecast and the period it will be required. Setting the time or horizon to be covered by the forecast. Selection of the forecasting methodology to be applied. Applying statistics such as data collection, research and analysis.
Detailed explanation-2: –The forecast should be expressed in meaningful units.-The forecast should be in writing.-The forecast technique should be simple to understand and use.-The forecast should be cost-effective: The benefits should outweigh the costs.
Detailed explanation-3: -So, Short range forecasts are less accurate than long range forecast is not true.
There is 1 question to complete.