Bias Definition and Explanation PDF | Download eBooks
Learn Bias definition in supply chain management with explanation to study “What is Bias”. Study bias explanation with SCM terms to review supply chain management course for online MBA programs.
Bias Definition:
A forecast that is consistently higher or consistently lower than actual values of a time series.
Operations Management: Sustainability and Supply Chain Management by Jay Heizer, Barry Render, Chuck Munson
Bias Explanation:
The bias forecasting occurs when the organizations face problems and observe a huge difference between the actual outcomes and past generated forecasts. Forecast may be too high or too low for that particular product. It can be measured by using the procedure of expected value or arithmetic mean.
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