Asked by Victoria Archie on May 02, 2024
Verified
What forecasting model or technique would be better when forecasting demand in a stable market when there is a high degree of certainty in the relationship between the demand for labour and the indicators of that demand?
A) qualitative model
B) quantitative model
C) scenario planning
D) expert surveys
Qualitative Model
A model that employs descriptive or categorical data to understand patterns and relationships without relying on numerical data, often used in social sciences and market research.
Quantitative Model
A mathematical model that uses numerical data and statistical methods to represent and solve problems or analyze scenarios.
Scenario Planning
A strategic planning method used to make flexible long-term plans based on anticipating various future scenarios and their implications.
- Comprehend the function of various prediction techniques in managing stability and uncertainty within labor market projections.
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Learning Objectives
- Comprehend the function of various prediction techniques in managing stability and uncertainty within labor market projections.
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