Consider the following scenario:
You run UCIO, a British utility supplying electricity to the
London metropolitan area....
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General Management
Consider the following scenario:
You run UCIO, a British utility supplying electricity to theLondon metropolitan area. You need to decide how much capacity tohave on line, and two conflicting goals must be resolved in orderto make an appropriate decision. You obviously want to have enoughcapacity to meet average demand, but that is not enough, becausedemand is uneven throughout the year. In particular, demandskyrockets during summer heat waves -- which occur randomly -- asmore and more people run their air conditioners constantly. If youdon't have sufficient capacity to meet peak demand, you get badpress. On the other hand, if you have a large amount of excesscapacity over most of the year, you also get bad press.
What sorts of forecasts would be useful in the followingdecision making situations? Why? What sorts of data might you needto produce such forecasts?
this is a question for demand planning and forecasting. i don'tthink or have any additional information than this.
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While choosing the right forecast measure we should consider the following parameters a The objective of the forecast or the problem which we aim to solve through the forecasting method b Level of accuracy required c Cost of the
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