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Criteria of a Good Forecasting Method:
1. Simplicity : and Ease of Comprehension: Management must be able to understand and have confidence in the techniques used complicated mathematical and statistical techniques may be avoided.
2. Economy: Cost must be weighed against the importance of the forecast to the operation of the business. The criticism should be the economic consideration of balancing the benefits from increased accuracy against the extra cost of providing the improved forecasting.
3. Availability : Techniques should given quick results and useful information.
4. Durability: Durability of the forecasting power of a demand and function depends on reasonableness and simplicity of functions fitted.
5. Accuracy : Sales forecasting is the basis of marketing planning and therefore sales forecasts should be as much accurate as possible.
electronic configuration of s block elements
MRP systems - basic inputs It has been estimated that in the USA where MRP was originated and developed by Oliver Wight and George Plossl (1985), virtually all Fortune 500 ma
define for whom to produce
The following are AC and TC functions for various firms (i). AC = 140/Q + 20 (ii) AC - a/Q = k (iii) TC - 10 =2Q + 0.1Q 2 (iv) TC - k - βQ = cQ 2 Where a, k, β and
run a s monopoly how will this benefit stakeholders involved, such as the goverment, businesses, and consumers?
Q. What is Free Trade Agreements? Free Trade Agreements:It is an agreement between two or more countriesthat eliminates tariffs on trade between the countries, reduces non-tari
Marginal revenue: Marginal revenue is the change in total revenue with respect to a change in quantity sold. That is, it is the change in total revenue that results from the s
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