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business
forecasting predictive analytics
Questions and Answers of
Forecasting Predictive Analytics
In the chapter, you learned about many metrics that can be used to evaluate forecast accuracy. The MAPE was one of those that may be the most common in use. Explain what the MAPE tells a forecaster.
In this chapter, you saw an example of a naive forecast. Why do you think it is given that name? Describe how the naive forecast is developed.
The process of forecasting new products is difficult. Why? How can new products be forecast?
Explain how forecasting relates to having an efficient supply chain.
How does the organization of the material in this book relate to the stages of the evolution of prediction?
Describe the three phases of the evolution of forecasting/prediction.
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