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New Post by Tyler Harris
The discrepancy between the predicted data and the actual data is represented by the forecast error. To determine the forecasting method’s accuracy, it is measured. The ideal forecasting approach should be the one that provides the lowest value of the forecasting error. The forecasting error can be determined using a variety of techniques. Some of the approaches that can be used to determine the forecast error for the entire series of data that includes actual and forecasted values include MAD, MSE, MAPE, and bias. It is important to measure, because it tells the accuracy of the forecasting methods. So, use of forecasting error as criteria, will help managers to know about the best method for a given scenario and reduce the forecasting error. It helps in making the right decisions, building right capabilities and help managers to take informed decisions to achieve higher accuracy in the forecasting. Measuring is crucial since it shows how accurate forecasting techniques are. Therefore, using forecasting error as a criterion will assist managers in determining the optimal approach for a particular scenario and lowering the forecasting error. Making the correct decisions, developing the necessary skills, and assisting managers in making thoughtful decisions all help to increase forecasting accuracy.
Krajewski, L. J., Malhotra, M. K., & Ritzman, P. H. (2022). Chapter 5. In Operations management: Processes and supply chain (11e ed., pp. 132–133). essay, Pearson
New Post by Kelsey Sielagoski
The forecast error is the difference between the expected and actual data. It is used to determine the forecasting method’s accuracy. The forecasting approach with the lowest forecasting error value should be chosen as the best forecasting method. The forecasting error may be calculated using a variety of techniques. MAD, MSE, MAPE, and bias are some of the approaches that may be used to compute the forecast error for a full series of data including real and predicting values.
It is critical to measure since it indicates the accuracy of predicting systems. Thus, using forecasting error as a criterion will assist managers in determining the optimal strategy for a specific scenario and reducing forecasting error. It aids in making the proper judgments, developing the necessary competencies, and assisting managers in making informed decisions in order to attain greater forecasting accuracy

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