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Forecasting in Operations Management

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Questions and Answers

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?

<p>Forecasting is both objective and subjective.</p> Signup and view all the answers

How is a prediction different from a forecast in terms of subjective considerations?

<p>In case of prediction, subjective consideration need not occur in any predetermined way.</p> Signup and view all the answers