Strengths of analytic and nonanalytic forecasting

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Reference no: EM131146297

"Forecasting" Please respond to the following:

Compare and contrast the major strengths and weaknesses of analytic and nonanalytic forecasting.

Provide one (1) example of each method being used in a real-world scenario to support your answer.

Discuss the importance of the four (4) guiding principles of forecasting.

Next, select one (1) principle and discuss how to apply it in a real world scenario. Complete the problems on the attachment and show your work.

1. Indicate the different ways an individual could forecast his or her weight 10 years from now. Do these methods change based upon whether the individual is 5, 14, 24, or 45 years old? If so, why?

2. Provide examples from the field of health services management of phenomena that are probably best forecasted using genius forecasting. Why?

3. Calculate the expected number of infants needing neonatal intensive care in a hospital if the historic rate is 5 per 1000 births, and you expect 575 births this year.

4. If the annual death rate from smoking is 154 deaths per 100,000 persons, and death rate from firearms is 13.5 deaths per 100,000 persons, how from these causes would you expect in a community of 1 million people?

Verified Expert

Forecasting is both analytic and non-analytic based. The selection of a particular technique and application depends more on the case and the need.The present discussion is about the comparison of different types of forecasting methods, principles, applications etc. Also discussed is the solution to some problems. Analytical forecasting is based on the data and is more practicable. There is no much need for the intense questionnaire and in-depth assessment of the variables and the causes to predict the forecast. Most of the analytic forecasting is based on the facts and the information available will be just sufficient to predict the outcomes. However non analytic forecasting requires specific procedure dependent on the case.

Reference no: EM131146297

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