Answer 3 Yes. Mr. Khans market experience should be factored into the forecast.

This is because forecasts are never accurate, and theres no definite method to do it. Hence, as experience is a very good learning process that people gain over years, it can contribute a lot to making accurate predictions. To include his experience into the forecast, a weight must be assigned to his experience, and the rest of the weight must be assigned to the forecast technique that is used. Now the weight can be determined in two ways: 1) If there are previous records on what Mr. Khan predicted for past forecasts, then we can compare them with the actual results to calculate how much error there was in his forecasts. The less his percentage error, the more he will be weighted on his experience, and vice versa. 2) If there are no previous records, then the person in charge of the forecasts can, in collaboration with Mr. Khan, come up with an arbitrary percentage weight. Once the percentage weight has been determined, the team can then compute the forecast by using the following formula: Net Forecast value = (% weight of Mr. Khans Experience X Mr. Khans Forecast Value) + (% weight of forecast technique X Technique Forecast Value)