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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.
Describe the Optimisation of managerial economics Optimisation techniques are perhaps the most vital to managerial decision making. Given that alternative courses of action are
Q. Explain about Labour Economies? Labour Economies: As the size of output increases the firm enjoys labour economies because of (a) specialisation, (b) time-saving (c) autom
Describe the Forecasting method in managerial economics It is a technique or a method to predict many future aspects of a business or any other operation. For illustration, a r
Q. Explain about Isoquant Map? We can label isoquants in physical units of output without any difficulty. Because every isoquant signifies a specified level of output it's poss
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Question: (a) As an advisor to government as well as that to a firm how will you make use of your knowledge on price elasticity of demand, income elasticity and cross price ela
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State the Demand analysis Analysis of demand is assumed to forecast demand that is a basic component in managerial decision-making. Demand forecasting is of importance since
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