Which Forecasting Method Is Commonly Used by Going to the Market

question 4

Multiple Choice

Which forecasting method is commonly used by going to the market to get information for new product launches?

• A)Delphi method
• B)String method
• C)Time series forecasting
• D)Grassroots forecasting

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Definitions:

Two-Tail Test

A statistical test that considers extreme values in both tails of the distribution to test for a significant difference.

Multinomial Experiment

An experiment that leads to outcomes classified into more than two categories, which are mutually exclusive and exhaustive.

Binomial Experiment

A statistical experiment that fits the criteria of having a fixed number of trials, two possible outcomes per trial, identical probability of success, and each trial being independent.

Multinomial Experiment

An experiment that leads to outcomes categorized into two or more non-overlapping categories.