Describe rule based forecasting, Managerial Economics

Assignment Help:

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.


Related Discussions:- Describe rule based forecasting

Contracting and insider-outsider models of unemployment, CONTRACTING AND IN...

CONTRACTING AND INSIDER-OUTSIDER MODELS OF UNEMPLOYMENT   From  the  Walrasian  assumption  of  a market-clearing wage  on  efficiency considerations  -  it was  postulated  th

Early theories about wage determination, Theories of wage determination ...

Theories of wage determination Early theories about wages The earliest theories about wage determination were those put forward by Thomas Malthus, David Ricardo and Karl

Equilibrium in a single market model, Equilibrium in a single market model ...

Equilibrium in a single market model A single market model has three variables: the quantity demanded of the commodity (Q d ), the quantity supplied of the commodity (Q s ) an

State the basis of business policies, State the Basis of business policies ...

State the Basis of business policies Managerial economics is the founding principle of business policies. Business policies are prepared based on studies and findings of manage

Stagflation, STAGFLATION The term stagflation is a recent arrival in ec...

STAGFLATION The term stagflation is a recent arrival in economic literature derived from joining together the stage of stagnation and flections of inflation. The term has been

Economics, What limitations are inherent in the economist’s view of pricing...

What limitations are inherent in the economist’s view of pricing?

Average propensity to save, Average Propensity to save The Average Pro...

Average Propensity to save The Average Propensity to Save [APS] is defined as the fraction of aggregate national income which is devoted to savings.  Thus if S denotes savin

What do you mean by theory of firm, Q. What do you mean by Theory of Firm? ...

Q. What do you mean by Theory of Firm? Microeconomics especially the theory of firm, assumed importance and attracted considerable attention in the early 20 th century. This sh

Oligopoly, Explain the classification of oligopoly?

Explain the classification of oligopoly?

Types of production function, Q. Types of production function? Producti...

Q. Types of production function? Production function is of two different forms:  The variable proportion production function The fixed proportion production functio

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd