Question: Management has noted that, on average, Forecast 1 is 0.67 units above average demand and Forecast 2 is 0.67 units below average demandso both forecasts

Management has noted that, on average, Forecast 1 is 0.67 units above average demand and Forecast 2 is 0.67 units below average demandso both forecasts perform comparably and it doesn't matter which method is used going forward. Is management's assessment correct? Why or why not? If no, then provide a more accurate evaluation of the forecasting methods

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!