Asked by McKenzie Copher on Jul 15, 2024
Verified
For a medium-sized Canadian furniture manufacturing company the demand for recliner chairs is fairly stable,because the market for recliner chairs is fairly stable.Since there exists a comparatively high degree of certainty in the market,which of the following forecasting models would be an effective model for assessing the demand for labour for this company?
A) a simple model based on a future forecast
B) a simple model based on an existing forecast
C) a structural equation model
D) a model based on an existing forecast
Recliner Chairs
Chairs designed for comfort that can be adjusted into a reclining position typically with a footrest that extends.
Structural Equation Model
A statistical technique that is used to analyze the structural relationship between measured variables and latent constructs.
Future Forecast
Predictions about future events or trends, often based on current data and analysis.
- Gain insight into how different forecasting approaches contribute to addressing stability and uncertainty in labor market predictions.
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Learning Objectives
- Gain insight into how different forecasting approaches contribute to addressing stability and uncertainty in labor market predictions.
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