This paper discusses different types of forecasting used within an organization to obtain the very best chance of creating an accurate forecast for application purposes.
Written in 2007; 1,852 words; 8 sources; MLA; $ 59.95
Paper Summary:
In this article, the writer first discusses what is meant by the 'forecasting' of an application. The writer then examines how useful this is today. Further, the writer discusses which are the organizations that use the method of forecasting in their applications and looks at the more popular methods of forecasting today. In this paper, the writer discusses linear regression,the Delphi Forecasting method, technological forecasting and the time series forecasting method. The writer notes that exponential smoothing is one of the best forecasting methods used today, perhaps because of its innate simplicity and lack of complexity.
From the Paper:
"Linear regression is the method wherein a straight line is calculated with a simple method, while in the exponential function, an increasing or a decreasing curve is used. Some of the 'smoothing' methods are the 'moving average' and the 'double moving average'. While the moving average method attempts to smooth out past data by averaging the past periods and using that data to project the view forwards, the 'double moving average' uses the moving average calculations twice. The seasonal method uses past data again, but in a deseasonalized version, and this data is used to apply seasonal effects on the forecasting. Winter's additive and the winter's multiplicative are the two methods of seasonal smoothing methods."
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