The Two General Approaches to Forecasting Are

question 79

Multiple Choice

The two general approaches to forecasting are:

• A) qualitative and quantitative.
• B) mathematical and statistical.
• C) judgmental and qualitative.
• D) historical and associative.
• E) judgmental and associative.

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Definitions:

Minimization Problem

A type of optimization problem aiming to find the minimum value of a function or the least cost solution under a set of constraints.

Stepping-Stone Method

A mathematical procedure used in transportation and logistics to find the most cost-effective way to distribute products from multiple sources to multiple destinations.

Optimal Solution

The best possible answer or strategy obtained from a selection of alternatives that maximizes or minimizes an objective function within given constraints.

Intuitive Method

A decision-making process that relies on the decision maker's instincts, feelings, or gut reactions rather than on systematic analysis.