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Every forecast process should include an error estimate. Do you agree?

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تم إضافة السؤال من قبل Raafat Sallam , Organizational Development and Training Consultant , Training Centers, Marketing Organizations.
تاريخ النشر: 2014/11/25
zafar abbas minhas
من قبل zafar abbas minhas , Freelance Writer , DAILY MASHRAQ

YES,,,,,,,,,,, BECAUSE IT IS DONE BY HUMANS AND FOR HUMANS............ SO ERROR IS THE MUST CASE ,,,,,,,,,,,,,,,,,,,,, GOOD DAY

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
من قبل VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Yes. Forecast require variance analysis as to its accuracy because these are estimates. Some calculated difference expressed as a % of the projected estimates are also included to facilitate control.

It is regarded as one of the principles of forecasting technique.

Muhammad Waseem Feroze Feroze Din Hayat
من قبل Muhammad Waseem Feroze Feroze Din Hayat , Senior Executive Officer , Haji Sheikh Noor u Din & Sons

Yes the error may happens as we are forecasting future & future is uncertain. The intensity of error depends upon time period, if we are forecasting for an year the risk will be low & if it is for five years than the magnitude of error will be high.

padmakumar pathiyil
من قبل padmakumar pathiyil , Marketing Consultant , Management Consultancy

Totally Agree

Vinod Jetley
من قبل Vinod Jetley , Assistant General Manager , State Bank of India

Yes.

The forecast error is the difference between the actual value and the forecast value for the corresponding period.

hossam azzam
من قبل hossam azzam , Fast food restaurant,s manager. , alexandria-egypt

Thanks for the invitation

Yes for sure totally agree

LABIB KOOLI
من قبل LABIB KOOLI , Director of the Sectoral Center for Training in Hotel Technologies at Southern Hammamet , Tunisian Vocational Training Agency (ATFP)

Absolutely yeah !

Exact sciences undergone  errors ! How about forcasting ?!

Aabdelrahman Ibrahim
من قبل Aabdelrahman Ibrahim , Software Engineer Configuration mamager , Software center

Sure  I  Agree  but  also  there is minor errors and major errors

Omair Abduljaleel Ali Al-Quliey
من قبل Omair Abduljaleel Ali Al-Quliey , Design Engineer , Quliey Office for constructions

Yes, that totally true because the humans are not  machines without wrong. so that i agree with you.

Sardar Muhammad Amin Sardar
من قبل Sardar Muhammad Amin Sardar , Vice President , UNITED BANK LTD.

No. Forecasting processes are based already on "estimations" and related "explanations" for the same.

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