Asked by Ranjit Dhatt on Jun 12, 2024
Verified
Using the opinions of persons with special expertise to make predictions about the future is called:
A) guesswork.
B) expert planning.
C) contingency planning.
D) qualitative forecasting.
E) quantitative forecasting.
Qualitative Forecasting
A method of prediction that uses non-numerical data, such as expert opinions or market trends, to make forecasts about future events or behavior.
Expert Planning
Strategic planning carried out by individuals with specialized knowledge and skills in a particular area.
Contingency Planning
Identifies alternative courses of action for use if and when circumstances change with time.
- Understand the concept of qualitative and quantitative forecasting in business planning.
Verified Answer
Learning Objectives
- Understand the concept of qualitative and quantitative forecasting in business planning.
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