________ Involves Starting with the Last Known Value of the Item

question 3

Multiple Choice

________ involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast.

• A) A direct forecast
• B) A lost-horse forecast
• C) A buyers' intentions forecast
• D) An indirect forecast
• E) An incremental forecast

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Definitions:

Data Set

A collection of related sets of information that is composed of separate elements but can be manipulated as a unit by a computer.

Chebyshev's Theorem

A statistical theorem stating that for any real-valued random variable, a minimum proportion of values fall within a certain number of standard deviations from the mean, regardless of the shape of the distribution.

Normal Distribution

A symmetrical, bell-shaped distribution of data where most measurements are concentrated around the mean, describing many types of naturally occurring data.

Empirical Rules

statistical rules that apply to normal distributions, describing how many observations fall within certain standard deviations from the mean.