What criteria should an organization use in deciding what type of forecasting tools they should use?© BrainMass Inc. brainmass.com June 3, 2020, 10:16 pm ad1c9bdddf
Criteria Used to Select Forecasting Tools
Forecasting Tool is used to estimate the unknown events and situations. It is predicting future demand of a product or a service. The information regarding future demand is essential for planning and schedule production, purchase of raw materials, acquisition of finance & advertising. It is much more important where large scale production is being planned and production involves a long gestation period. The choice of suitable tool or method of forecasting is a matter of purpose, experience and expertise. To a large extent, it also depends on the nature of data available for the purpose (Campbell, McConnell & ...
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