ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which function typically needs the most detailed forecasts and therefore typically deals with the highest forecast error?
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logistics
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production
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finance
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marketing
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Explanation:
Detailed explanation-1: -Forecasting is always the most reliable source of information to predict what will happen in the future.
Detailed explanation-2: -Most forecasting techniques assume that there is some underlying stability in the system. The sales force composite forecasting method relies on salespersons’ estimates of expected sales. A time-series model uses a series of past data points to make the forecast.
Detailed explanation-3: -What helps a person most with their forecasting abilities? Data.
There is 1 question to complete.