Averaging forecasting techniques are useful for: a. forecasting seasonal indexes b. distinguishing between random and non-random variations c. forecasting cyclical time series d. identifying variables in the demand e. smoothing out fluctuations in data

Averaging forecasting techniques are useful for: a. forecasting seasonal indexes b. distinguishing between random and non-random variations c. forecasting cyclical time series d. identifying variables in the demand e. smoothing out fluctuations in data

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 26P: The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel...

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

Averaging forecasting techniques are useful for:

forecasting seasonal indexes

distinguishing between random and non-random variations

forecasting cyclical time series

identifying variables in the demand

smoothing out fluctuations in data

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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