A Manager Wants to Choose One of Two Forecasting Alternatives

question 11

Essay

A manager wants to choose one of two forecasting alternatives.Each alternative was tested using historical data.The resulting forecast errors for the two are shown in the table.Analyze the data and recommend a course of action to the manager.
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Recognize the importance of intuition, creativity, and information in leadership decision-making processes.

Grasp the steps involved in the decision making process, including problem definition and alternative generation.

Identify examples of objective probability in real-world scenarios.

Address misconceptions about crisis preparation strategies in business leadership.

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Definitions:

Media

Channels or systems of communication that distribute information and entertainment to a wide audience.

Real World

The sphere of everyday life and experiences outside of fictional, virtual, or theoretical environments.

Ideology

A system of ideas, beliefs, and values that shapes the way individuals or groups see the world and influences their behavior and decisions.

Worldview

The fundamental cognitive orientation of an individual or society encompassing natural philosophy, fundamental existential and normative postulates, or themes, values, emotions, and ethics.