Describe rule based forecasting, Managerial Economics

Q. Describe Rule based forecasting?

Rule based forecasting: Rule-based forecasting (RBF) is a proficient method which incorporates judgment as well as statistical techniques to merge forecasts. It includes condition-action statements (rules) where conditions are based on the aspects of past progress and upon knowledge of that particular area. These rules give in to the load suitable to forecasting condition as explained by the circumstances. As a matter of fact, RBF uses structured judgment and statistical analysis to modify predictive techniques to the condition. Practical outcomes on several sets of past progress designate that RBF generates forecasts which are more precise than those produced by the conventional predictive techniques or by an equal-load amalgamation of predictions.

Posted Date: 8/10/2013 2:58:23 AM | Location : United States

Related Discussions:- Describe rule based forecasting, Assignment Help, Ask Question on Describe rule based forecasting, Get Answer, Expert's Help, Describe rule based forecasting Discussions

Write discussion on Describe rule based forecasting
Your posts are moderated
Related Questions
CLASSIFICATION OF TAXES Taxes can be classified on the basis of: a.     Impact of the taxes It means on whom the tax is imposed.   On the other hand, incidence of the

Where does the firm Operate? The firm will avoid stages I, II and III and will instead choose stage II.  It will avoid stage I because this shall involve using the fixed facto

Real Rigidities in the Credit Market How imperfections in the goods markets enable firms  to  set  prices  so  as to  generate  price  rigidities,  e.g.,  because of countercy

Northern Lumber operates a large lumber-processing mill in a small town in Washington State.  It is one of the larger lumber producers in the region and has some market power in th

Characteristics of Money Over time, therefore, it became clear that for an item to act as money it must possess the following characteristics. Acceptability If

A risk-neutral agent's working life has two periods. In each period, the agent can provide high effort (at personal cost $2,000) or low effort (at zero personal cost). In a given p

What is Normative economics It is concerned with varied corrective measures that a management undertakes under lots of circumstances. It deals with goal determination, goal dev

Define the simple statistical concepts of average Simple statistical concepts of average (mean) and standard deviation are used.  Estimating a relationship among variables need

How does economic theory contribute to managerial decisions?

Question: EITHER Nowadays, there is an urgency in Mauritius to introduce a rapid transit system in order to reduce traffic congestion and shift towards a more efficient mode