5 Questions
What is the specific definition of forecast in operations management?
A forecast is an inference of what is likely to happen in the future, estimated by systematically combining and casting forward data about the past in a predetermined way.
How does a forecast differ from a prediction?
A forecast is objective in nature and based on past data, while a prediction relies on subjective considerations other than just past data.
Can forecasts be completely accurate?
No, even carefully prepared forecasts can be wrong. It is extremely rare for a forecast to be exactly right.
What is the implication of forecasting?
Forecasting is both objective and subjective.
How is a prediction different from a forecast in terms of subjective considerations?
In case of prediction, subjective consideration need not occur in any predetermined way.
Test your knowledge on the concept of forecasting in operations management with this quiz. Learn about the distinction between forecasting and prediction, and explore the process of inferring future outcomes.
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