Asked by Katie McFarland on Apr 25, 2024

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________ forecasting methods use historical demand to make a forecast.

A) Qualitative
B) Time-series
C) Causal
D) Simulation

Time-Series Forecasting Methods

Statistical techniques used to analyze and make predictions based on data points collected or indexed in time order.

Historical Demand

The record of past customer demand for a product or service, used to predict future demand patterns and guide inventory and production planning.

Forecast

A prediction or estimate of future events or trends, especially regarding weather or economics.

  • Learn about the assortment of forecasting methods and their specific characteristics.
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HM
Hammad Majid8 days ago
Final Answer :
B
Explanation :
Time-series forecasting methods use historical demand data to identify patterns and trends in the data that can be used to make a forecast. These methods include techniques such as moving averages, exponential smoothing, and trend analysis. Qualitative methods rely on expert opinions, and causal methods focus on understanding the underlying factors that drive demand. Simulation methods use mathematical models to simulate demand under different scenarios.