Saudi Electronic University Long Term and Short Term Forecasts Discussion

Since the future is unknown, it is expected that some errors between a forecast and actual demand will exist, so the goal of a good forecasting technique would be to minimize the difference between the forecast and the actual demand.

Articulate the difference in short and long-term forecasts,forecasting techniques, and the benefits and challenges of eachtechnique. Finally, create a forecast for a situation with which you arefamiliar (personal or professional) explaining the situation and whyyou chose the method of forecasting that you did.

Embed course material concepts, principles, and theories, which require supporting citations along with at least two scholarly, peer-reviewed reference in supporting your answer.Keep in mind that these scholarly references can be found in the SaudiDigital Library by conducting an advanced search specific to scholarlyreferences.

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• He, X. J. (2018). Crude oil prices forecasting: Time series vs. SVR models. Journal of International Technology and Information Management, 27(2), 25–42.
• Ivanovski, Z., Milenkovski, A., & Narasanov, Z. (2018). Time series forecasting using a moving average model for extrapolation of number of tourist. UTMS Journal of Economics, 9(2), 121–132.