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Questions and Answers
What is the specific definition of forecast in operations management?
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?
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?
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?
What is the implication of forecasting?
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How is a prediction different from a forecast in terms of subjective considerations?
How is a prediction different from a forecast in terms of subjective considerations?
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