--%>

Illustrates the criteria for good forecasting method

Illustrates the criteria for good forecasting method?

E

Expert

Verified

For a good forecasting method must satisfy the given criteria:

• Plausibility: This must be reasonable or believable.

• Simplicity: This must be simple and easy.

• Economy: This must be less costly.

• Accuracy: This must be as accurate as possible.

• Availability: Relevant data must be easily obtainable.

• Flexibility: This must be flexible to adopt needed changes.

   Related Questions in Managerial Economics

  • Q : Explain the assumptions of Law

    Explain the assumptions of Law Diminishing Returns.

  • Q : Determine the total Revenue from origin

    Refer to figure as sketched below. Why is the total revenue curve a ray from the origin: w) since revenue increases at an increasing rate. x) since revenue increases at a decreasing rate. y) since the firm can sell its product at a constant price. z) since the firm sh

  • Q : Illustrates the Modern Definition

    Illustrates the Modern Definition?

  • Q : Explain the objectives of pricing

    Explain the objectives of pricing policy and its aim.

  • Q : Income effect of a change in wage rates

    When comparing such labor supplies in this illustrated figure, this is clear that the income effect of a change within wage rates is: (w) positive for Morgan and negative for Chandra. (x) more powerful than the substi

  • Q : Illustrates the different kinds of

    Illustrates the different kinds of Demand?

  • Q : Charging the competitive price in the

    An apparent monopoly might charge the competitive price in the long run when: (w) exit is costly. (x) entry and exit are relatively costless. (y) this is not a natural monopoly. (z) this is not regulated.

    Q : Raise in supply and demand and

    When the supply and demand for a good both raise there will be rising within the: (1) market price. (2) equilibrium quantity. (3) quality of the good. (4) profits of a monopoly firm. (5) level of consumer satisfaction. Hello guys I

  • Q : Problem of adverse selection Signaling

    Signaling may worsen the problem of adverse selection when: (w) potential agents do not transmit any types of signals. (x) job applicants increasingly signal with phony degrees. (y) employers discriminate on the basis of race or gender. (z) severe rec

  • Q : Process of Screening A principal who

    A principal who checks the qualifications of a potential agent before giving the agent a contract is engaging within the process of: (i) signaling. (ii) determining an efficiency wage. (iii) predatory behavior. (iv) screening. (v) discrimination.

    Discover Q & A

    Leading Solution Library
    Avail More Than 1416000 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads
    No hassle, Instant Access
    Start Discovering

    18,76,764

    1949347
    Asked

    3,689

    Active Tutors

    1416000

    Questions
    Answered

    Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

    Submit Assignment

    ©TutorsGlobe All rights reserved 2022-2023.