A Simple Category of Data That Can Easily Be Collected

question 33

True/False

A simple category of data that can easily be collected and is very useful is customer zip codes.

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Definitions:

Time-Series Forecasting Methods

Statistical techniques used to analyze and make predictions based on data points collected or indexed in time order.

Historical Demand

The record of past customer demand for a product or service, used to predict future demand patterns and guide inventory and production planning.

Forecast

A prediction or estimate of future events or trends, especially regarding weather or economics.

Qualitative Forecasting Methods

Forecasting techniques that are based on judgment and opinion, rather than on strictly numeric or statistical data.