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Forecasting, whether quantitative or qualitative in nature, is used every day in

by | Jun 23, 2021 | Business | 0 comments

 

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Forecasting, whether quantitative or qualitative in nature, is used every day in all business to some level or degree. Accurate forecasting can “make” a company, and inaccurate forecasting can break a company. Forecasting is a very interesting and sometimes controversial subject in management science for a number of good reasons. First, the science of forecasting is not 100% accurate, and we can never compensate for the infinite number of variables that can affect a forecast. At times, forecasting seems to be no more than an educated guess. Secondly, the accuracy of forecasting is determined by the quality of the data used to create the projections. Lastly and perhaps far more importantly, forecasts do not take into consideration technology advances or competitive moves in the market. This lack of consideration is why the term probability is often used in forecasting.
View this short video about the basics of forecasting methods.
Avercast (2015). Forecasting methods overview. Retrieved from https://www.youtube.com/watch?v=fp-1_9mLlbc
(Links to an external site.)
Consider the following questions: What variables can affect the accuracy of a forecasting model? How do we compensate for these variables? Select one of the four topics below. In a two-page paper using APA style and two resources, respond to the question regarding what variables can affect the accuracy of a forecasting model. Incorporate your own personal experiences into your response.
Quantitative or Qualitative Data
Seasonal and/or Cyclical Patterns
Age of Data Used
Global Geo-Political Unrest
Wars and Terrorism
Global Economic Stability
Changes in Technologies
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© 2016 ECPI
Unit 5 Discussion
Criteria Ratings Pts
This criterion is linked to a Learning Outcome
Content
Details what variables can affect the accuracy of a forecasting model. Details professional experience in response.
60 pts
Full Marks
0 pts
No Marks
60 pts
This criterion is linked to a Learning Outcome
Justification
Responses supported with at least two credible sources. Responses demonstrated critical thinking.
20 pts
Full Marks
0 pts
No Marks
20 pts
This criterion is linked to a Learning Outcome
Mechanics
Uses in-text citations and a reference list in responses. Uses APA style.
20 pts
Full Marks
0 pts
No Marks
20 pts
Total Points: 100

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