Recent Research on Forecasting Techniques Indicates That Forecasting Accuracy Can

question 12

Essay

Recent research on forecasting techniques indicates that forecasting accuracy can be improved by combining the results of several forecasting methods, leading many to advocate the use of a composite forecasting model that includes both qualitative and quantitative factors. Using a product example and market setting of your choice, demonstrate how the use of a composite forecasting model can lead to more accurate forecasting.

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Definitions:

Costly

Incurring a high expense or requiring considerable resources, often more than expected or desired.

Favored Customers

Those who receive special treatment from dealers during situations of excess demand.

Special Treatment

The act of giving preferential or unique consideration or handling to a particular person or group.

Supply Fixed

A situation where the availability of a good or service is limited and cannot be easily adjusted.