Which of the following is NOT true about forecasting? It is good practice to inc
ID: 468533 • Letter: W
Question
Which of the following is NOT true about forecasting?
It is good practice to include a measure of expected forecast error with any forecast.
In exponential smoothing, a lower smoothing constant will better forecast demand for a product experiencing high growth.
It is good practice to use more than one forecasting model and then take a look at the results using common sense.
A benefit of qualitative forecasts is that they take advantage of expert opinion
It is good practice to use more than one forecasting model and then take a look at the results using common sense.
A benefit of qualitative forecasts is that they take advantage of expert opinion
Explanation / Answer
Third one is not true in all times.
Because forecasting is itself estimating future of the product growth based on past results
but here again choosing more than one practice and applying on the production and wait for the results then judging about practice means it is time and cost incurring process.
It is not suitable for forecasting.
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