Business Production Control
In a three- to four-page paper (not including the title and reference pages), analyze the two alternative perspectives on forecasting. Be sure to include the following:
- A description of the subjective and objective methods and their applications to the forecast.
- A description of a procedure to evaluate the effectiveness of a particular method’s output/predictions.
- A description of the similarities and differences of subjective and objective forecasting.
- A description of the methods of application or use of forecasts to support production. Be sure to address how the deliverables relate to production.
In your paper, be sure to cite the article by Fildes and Beard (1992) or another scholarly source, in addition to Chapters 13 and 14 in your textbook.
The paper must use APA style as outlined in the approved APA style guide and include APA-formatted title and reference pages.
preview of the answer..
Forecasting entails the analyzing of the status quo and using systematic approach in predicting the future trend in the specific subject of interest. Forecasting helps business organizations to predict future trends that can emerge. Forecasting helps to prepare adequately for any future mishaps that can occur. Moreover, the processes of forecasting help an organization to plan effectively on its course of operations. There are different approaches that can be used in the process of forecasting. This paper shall describe both objective and subjective approaches of forecasting. Moreover, …
1124 words APA