Select ALL of the following that are ways to reduce or mitigate the impact of forecast errors. a. Reduce the lead time over whic
h forecasts are required to reduce the forecast error. b. Build more flexibility into the operations and the supply chain. c. Develop a better forecasting method. d. Add safety stock to the forecast to make sure that the forecast is high enough.
Answer: A. Reduce the lead time over which forecasts are required to reduce the forecast error.
B. Build more flexibility into the operations and the supply chain.
C. Develop a better forecasting method.
Explanation: Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends.
A commonplace example might be an estimation of some variable of interest at some specified future date. Prediction is a similar, but more general term.
A forecast error is the difference between the actual or real and the predicted or forecast value of a time series or any other phenomenon of interest. By convention, the error is defined using the value of the outcome minus the value of the forecast.
I think it might be either wind power or hydro electric, but because new zeland has many rivers and reservoirs, i think it might be hydro electric power.
To maintain a constant global average temperature, all of the sun's radiation that enters Earth's atmosphere must eventually be sent back to space. This is achieved through Earth's energy balance. ... ~50% of the incoming energy is absorbed by the earth's surface i.e. the land and oceans.
