do you agree or disagree and why?
Forecasting is a process in my opinion I believe to be very important for an organization, as it helps the company run in a manner of production to properly flow. The two types of forecasting are qualitative and quantitative. Qualitative methods include mainly market research, executive opinion; qualitative methods for demand forecasting may be useful for gauging potential demand of entirely new products that have no relationship with other products and cannot be reasonably estimated statistically (Langabeer & Helton, 2016). Quantitative forecasts can be broken down into two major types: univariate and multivariate methods. Univariate can be defined as dependence on a single variable: univariate methods attempt to forecast demand by exploring historical data relative to a single variable, such as the number of admissions or the number of surgeries (Langabeer & Helton, 2016)
Answer: I agree with it as forecasting can be considered one of the most important method which helps the organisation to work smoothly.
It is beneficial as it is based on the model where qualitative as well as quantitative analysis done. All together process results into better facilities and services for the organisation. It is mentioned here that we can find out the dependence single variables and multivariate.
do you agree or disagree and why? Forecasting is a process in my opinion I believe...
do you agree or disagree and why? Langabeer and Helton (2016) state that forecasting is "a collaborative process that estimates the volume of patients who will be served over a specific time period" (p. 107). Forecasting is a form of planning ahead for the future. Planning ahead is biblical. Proverbs 21:5 supports this when it says "Careful planning puts you ahead in the long run; hurry and scurry puts you further behind". Healthcare managers need to plan ahead and also...