GATE 2024 Industrial Engineering 57

Which one of the following methods does not come under short term forecasting?

Expression of forecast of a month, when forecast & demand of the previous month is given

Consider a simple linear regression model: y = β_o +β₁X + ϵ:

1. β_o is the linear regression coefficient and is termed as intercept term.

2. β₁ is termed as slope term.

3. Component ϵ accounts for the failure of data to lie on the straight line and represents the difference between the true and observed realization of y.

Which of the following statements is/are correct __________?

Consider the following statements regarding the forecasting:

1. Forecast for groups of items tend to be more accurate than forecasts for individual items.

2. Forecast accuracy decreases as the time horizon increases.

Which of the following statements is/are correct __________?

Which of the following is the correct regarding the Naive approach of forecasting __________.