Forecasts are always wrong, so why place any emphasis on demand planning?

Write a short response to each of the following assertions:

a. Forecasts are always wrong, so why place any emphasis on demand planning?

b. A good forecasting process is too expensive. c. All we need to do is hire a “quantitative type” to do our forecasting.

 

1. What is autocorrelation?

2. What does an autocorrelation coefficient measure?

3. Describe how correlograms are used to analyze autocorrelations for various lags of a time series

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