The dollar considerations of forecasting with technique combinations

The dollar considerations of forecasting with technique combinations

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Article ID: iaor19931676
Country: United States
Volume: 33
Start Page Number: 47
End Page Number: 50
Publication Date: Dec 1992
Journal: Production and Inventory Management Journal
Authors:
Abstract:

In operations environments where frequent forecasts need to be generated for many items, practitioners typically judge forecast accuracy based on standard-error measures. Using data from one operations setting, this article shows that this may not provide best results in terms of organizational cost. The greatest reduction in organizational cost may occur when forecasting is done with a combination of a few simple forecasting models.

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