Understanding Forecasting Techniques
Introduction: All firms conduct their activities in an uncertain environment and use forecasting techniques to reduce this uncertainty. The challenge facing a forecaster is choosing the right technique. However, forecasting is not a substitute for managerial decision-making; it simply acts as an aid to the process.
Task: Do you agree with the above statement?
Begin your discussion as follows:
State why you agree or disagree with this statement. Suggest the prerequisites of a good forecast.
Review the postings of at least two other students. Do you agree that managers need to develop realistic expectations from forecasting?