Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

rewrite for clarity: A moving average forecast is often best for forecasting short-term demand due to its simplicity, efficiency, and effectiveness in smoothing out short-term

rewrite for clarity: A moving average forecast is often best for forecasting short-term demand due to its simplicity, efficiency, and effectiveness in smoothing out short-term fluctuations and highlighting longer-term trends or cycles. Because of these advantages, the moving average model was selected over other forecasting models. Other models might be more accurate for longer-term forecasts or for data with a more complex structure. However, they are also more complex to understand and compute and may not be necessary if the goal is to forecast short-term demand and the data doesn't have a complex structure

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quantitative Methods An Introduction For Business Management

Authors: Paolo Brandimarte

1st Edition

978-1-118-0234, 470496343, 470496347, 978-0470496343

More Books

Students also viewed these General Management questions