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Why Forecasts Fail. What to Do Instead Case Solution & Answer

This Case is about OPERATIONS MANAGEMENT

PUBLICATION DATE: January 15, 2010 PRODUCT #: BH368-HCB-ENG

In 2006 the world market was booming, partially on the rear of tripleA investment initiations. Then, abruptly, the boom ended. What fascinates the writers is the fact that virtually no one saw the 2008 economic crisis. So, they say, supervisors should develop an alternative mindset about the future. The key isn’t to develop strategies that are exact based on forecasts but to have crisis plans for various options. The chief thing is to cease believing your forecasts about the future and to develop strategies that are sensitive to surprises, whether they’re other unforeseen events or future credit crunches. The writers recognize that outstanding work has been created by forecasters over the years -both academic and practical. First, supervisors must accept that they are running in an uncertain universe; second, they should evaluate their degree of doubt; and they should augment the range of doubt to compensate for danger.

Why Forecasts Fail. What to Do Instead Case Solution
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