What Are Forecasts

question 79

Multiple Choice

What are forecasts?

• A) Statements about what will happen or might happen in the future such as future sales or employee turnover
• B) Statistical processes that finds the way to make a design, system, or decision as effective as possible, for example, finding the values of controllable variables that determine maximal productivity or minimal waste
• C) Predictions based on time-series information
• D) Statistical processes for estimating the relationships among variables

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Definitions:

Price of A

The cost assigned to a specific product or service "A", determined by various factors like production costs, supply, and demand.

Price of B

The cost required to purchase good B or the amount a consumer is expected to pay for acquiring good B.

Marginal Utilities

The added satisfaction or utility that a person receives from consuming an additional unit of a good or service.

Pocket Money

Usually small amounts of money given to children by their parents on a regular basis.