Which of the Following Is True of the Forecasting Approach

question 5

Multiple Choice

Which of the following is True of the forecasting approach for staple merchandise categories?

• A) Buyers need to find out what customers are going to want in the future.
• B) Forecasts are typically based on extrapolating historical sales.
• C) Buyers for these categories rely heavily upon forecast services.
• D) Buyers for these categories conduct focus group studies to find out consumers' opinions.
• E) Buyers for these categories depend upon category sales forecasts which vendors provide.

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Definitions:

Proportion Of Successes

A statistical measure that calculates the ratio of successes in a set of observations to the total number of observations.

Z Test

Utilized to check for differences in the means of two populations, this statistical test requires that variances are known and that there is a considerable sample size.

Group 1

Typically refers to the first group or category in a study or classification system.

Sample Survey

A method used to gather information and data from a subset of a population to make inferences about the whole population without examining every individual.