Below are four basic principles of forecasting1 forecasts, Ask an Expert

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Below are four basic principles of forecasting:

1. Forecasts are rarely perfect

2. Short-term forecasts are usually better than long term forecasts

3. Aggregate forecasts (group) are usually more accurate that disaggregate (individual item) forecasts

4. The further up a supply chain a company is (farther from the end customer), the greater the distortion of information.

Briefly explain what is meant by each principle. How does understanding these principles help improve forecasting?

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M93108342

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