Research the following topics related to Forecasting: 1. Qualitative/quantitativ

Question

Research the following topics related to Forecasting:

1. Qualitative/quantitative/mixed methods

2. Forecasting demand

3. Regression/Delphi

4. Forecasting accuracy

5. Trends/patterns

Select three of the topics listed and compose 3 paragraphs describing the topics (1 paragraph per selected topic) based on the course material and additional research you conduct online.

DO NOT COPY FROM COURSE HERE. USE OWN WORDS. THANK YOU

PLEASE LIST REFERENCES BELOW THE PARAGRAPHS OR WEBSITE LINKS. PLEASE US OWN WORDS

TO WHOEVER IS LOOKING, DO NOT USE AS IT WILL SHOW UP

Explanation / Answer

Forecasting is the term used in Operations Management. It is the process of predicting future scenarios based on past and present data sets. As the predictions are based on the available data or shreds of evidence, it is considered to be more realistic in nature. The Forecasting techniques play a major role in the operation of an organization. They help in making informed management decisions. There are multiple methods available for forecasting. Let us understand few of the terms related to Forecasting.

There are many ways to measure the Forecasting Accuracy.

- Mean Percentage Error (MPE): [(Actual – Forecast) / Actual] x 100

- Mean Absolute Percentage Error (MAPE):  [Absolute Value(Actual – Forecast) / Actual] x 100

If you compare both the above methods, MAPE is a better way of measuring Forecasting Accuracy as it uses the absolute values and thus removes the negative values.

Sources - Multiple web sources

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