Asked by Victoria Archie on May 02, 2024

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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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Zybrea KnightMay 06, 2024
Final Answer :
B
Explanation :
In a stable market with a high degree of certainty in the relationship between demand for labor and the indicators of that demand, a quantitative model would be the most appropriate choice for forecasting demand. This is because a quantitative model relies on historical data and statistical methods to identify patterns and forecast future demand, which would be useful in a stable market with a high degree of certainty. Qualitative models, scenario planning, and expert surveys are typically better suited for situations where there is greater uncertainty or subjective factors that cannot be easily measured or modeled.