Asked by Kelin Martinez on May 20, 2024
Verified
Forecasting methods that use historical demand to make a forecast are known as
A) qualitative forecasting methods.
B) time series forecasting methods.
C) causal forecasting methods.
D) simulation forecasting methods.
Time Series Forecasting Methods
Statistical techniques used to analyze time-ordered data points in order to predict future values based on past trends and patterns.
Qualitative Forecasting Methods
Forecasting techniques based on judgment and opinion, rather than mathematical models, often used when precise data is unavailable.
Causal Forecasting Methods
Techniques that predict future events based on identified relationships between dependent and independent variables, taking into account factors that cause variations in data.
- Understand the different types of forecasting methods and their characteristics.
Verified Answer
Learning Objectives
- Understand the different types of forecasting methods and their characteristics.
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