Which of the Following Is Not Necessarily an Element of a Good

question 134

Multiple Choice

Which of the following is not necessarily an element of a good forecast?

• A)The degree of accuracy is stated.
• B)Time horizon long enough so forecast results can be used.
• C)Expressed in meaningful units.
• D)Low cost to complete.
• E)Technique is simple to understand and use.

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Definitions:

Average Cost Curve

A graphical representation that shows how the cost per unit of production varies with the quantity produced.

Scale of Production

Refers to the level at which a manufacturing process operates, which can impact the efficiency and cost per unit of production.

Average Costs

The total costs (fixed and variable) divided by the total output, indicating the cost per unit of output produced.

Decreasing Returns to Scale

A situation in which, when the scale of production is increased, the output increases at a proportionally lower rate.