In general, short-term forecasts are more accurate than long-term forecasts. The same is true for forecasts where cyclical or seasonal factors are fairly well defined and repeatable.
◦Describe the factors that influence the reliability of time-series forecasts.
◦Evaluate the circumstances that would cause a time-series model to offer a fairly reliable forecast.
◦Locate information about a company that uses one of the types of time-series models to forecast demand and describe both the organization and the type of product(s) that they use time-series models to forecast.
◦Explain why the time-series model that is currently being used is the most reasonable model for the company to use or describe an alternate time-series model that would be more appropriate for the company to use.
◦If you suggest a change in the time-series model being used by the company, predict how the company you have chosen will improve because of that specific time-series model. Support your discussion with relevant examples, research, and rationale.