what are the two main things to consider when selecting a forecast method? Why?
what are the two main things to consider when selecting a forecast method? Why?
Homework Answers
Selecting a forecast method depends on:
1.the availability of the data(historical data) because it is based on the previous year's data the forecast is made.
2.the cost incured Or value of the forecast to the firm as because most of the forecast are used for decision making which ultimately is made for the good of the company.
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what are the two main things to consider when selecting a forecast method? Why?
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