Which of the Following Most Accurately Describes the Concept of Forecasting

question 104

Multiple Choice

Which of the following most accurately describes the concept of forecasting?

• A) Estimate past demand
• B) Summarize past sales
• C) Estimate future demand
• D) Summarize future pricing

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Definitions:

Innovative Ideas

Fresh, creative concepts that have the potential to lead to new products, services, or ways of doing business, offering competitive advantages.

Business World

The global environment comprising all fields of commerce and trade, where businesses operate and interact.

Internal Locus of Control

The belief that one's actions and decisions directly affect the outcomes and successes in their life, as opposed to external forces.

Entrepreneurs

Individuals who initiate, manage, and take on the risks of a business or enterprise.