Describe the combination forecast techniques and discuss how they have been shown to perform in recent studies
What will be an ideal response?
Combination forecasts are forecasts that are produced by averaging independent forecasts based on different methods, different sources, or different data. Research during the last two decades suggests that combining forecasts from multiple sources often produces more accurate forecasts. It is intriguing that combination forecasts often perform better over time than even the best single forecasting procedure. Combining is most effective when the individual forecasts bring different kinds of information into the forecasting process. Forecasters have achieved excellent results by weighting forecasts equally, and this is a good starting point. However, unequal weights may provide better results under some conditions.
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An organization has developed three alternate sales and operations plans for the coming six months and now must choose between them. They should consider:
A) how their plan will impact supply chain partners. B) what the cash flows are like. C) how flexible the plan is. D) All of these are useful criteria for a sales and operation plan.
What would be considered an advantage of being the late mover into a market?
a. you benefit from the ability to free ride on the investments that the first mover makes in creating supply infrastructure and distribution channels b. you can design products that correct the mistakes that the first mover made in meeting customer demand c. you can leapfrog ahead of the first mover's technology d. all of the above