--%>
Assignment Help - homework help

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 : What did professor Hidbon illustrates

    What did professor Hidbon illustrates about Demand?

    		•
  • Q : Limitation for using illustrations of

    Illustrations of economic capital would NOT contain: (i) an accountant's computer. (ii) 1,000 shares of stock within Google. (iii) a sixteen-pound sledgehammer. (iv) tires upon an eighteen-wheeler truck. (v) paper into the printer of a romance novelis

    		•
  • Q : Illustrates the barometric pricing

    Illustrates the barometric pricing briefly?

    		•
  • Q : Substitution effect of wage rate The

    The substitution effect of a small change within the wage rate dominates the income effect for that worker at each wage rate: (w) exceeding $5 per hour. (x) between $5 per hour and $24.99 per hour. (y) exceeding $25.01 per hour. (z) b

    		•
  • Q : Individual firm in purely competitive

    A purely competitive resource market shows that an individual firm faces a resource supply curve which is: (w) perfectly inelastic. (x) perfectly elastic. (y) downward sloping. (z) backward bending.

    Q : Substitution Effect within Supply of

    When wage rates rise above $25 per hour in this figure given below, in that case the: (1) worker works more diligently to ensure that she keeps her job. (2) employer pays an excessively high efficiency wage. (3) income effect exceeds the substitution

    		•
  • Q : Introduction of the term P-V ratio Give

    Give a brief introduction of the term P/V ratio and Contribution?

    		•
  • Q : Limitations of Marginal Costing Write

    Write down the limitations of Marginal Costing?

    		•
  • Q : Explain the business decision based

    Explain the business decision based upon income elasticity.

    		•
  • Q : Equilibrium in purely competitive

    As the labor market within a purely competitive economy is into equilibrium: (1) the marginal benefits by unemployment exceed unemployment compensation. (2) the marginal benefits and marginal costs from employment are equal. (3) econo

    		•