Time series forecasting methods are based on the assumption that past demand history is a good indicator of future demand.

Question

Quizplus · Accepted Answer

Time series forecasting methods use historical demand data to make predictions about future demand patterns. These methods assume that the past demand behavior will continue into the future, making past demand a reliable indicator of future demand. However, this assumption may not always hold true, particularly in situations where external factors such as changing market conditions or technological advancements may significantly impact demand patterns.

Time Series Forecasting Methods Are Based on the Assumption That