Identify and Briefly Describe Four Judgment Methods for Developing Forecasts

question 177

Essay

Identify and briefly describe four judgment methods for developing forecasts when no historical data is available to develop the forecasts.

Appreciate the differences between nominal and real values, and their implication for standards of living.

Apply the formula for computing the cost of a basket of goods.

Analyze the effects of price changes on inflation and the CPI.

Distinguish between the Consumer Price Index (CPI) and the Producer Price Index (PPI).

---

Definitions:

Brakes

Mechanical devices or systems in vehicles designed to decrease or stop their motion by applying resistance.

Hypothetical Question

A question based on assumed or imagined circumstances, often used in legal contexts to explore possibilities or test theories.

Open-ended Question

A question formatted to allow a wide range of answers, encouraging detailed or explanatory responses rather than simple yes/no answers.

Closed-ended Question

A question format that limits respondents' answers to predefined options, making it easier to analyze responses statistically but potentially limiting the depth of insight.