List different criteria which determine the effectiveness of any forecasting system. Explain the effect of time and accuracy of forecasting in obtaining the effectiveness in the performance an organization.

The effectiveness of any forecasting system can be determined by several criteria, including:

1. Accuracy: The ability of the forecast to predict future outcomes correctly.

2. Timeliness: The ability of the forecast to be produced in a timely manner to provide relevant information.

3. Relevancy: The ability of the forecast to be relevant to the organization's needs and objectives.

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