A Decision-Making Technique That Involves a Group of Experts Meeting

question 2

Multiple Choice

A decision-making technique that involves a group of experts meeting face to face and can be used for HR forecasting is known as

• A)an informal expert forecast.
• B)managerial judgment.
• C)the nominal group technique.
• D)a formal expert forecast.
• E)the Delphi technique.

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Definitions:

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with a reduction in per-unit cost as the size of a facility and the usage levels of other factors of production increase.

Cubic Cost Function

A cost function where total costs are a cubic function of output levels, allowing for complex relationships between cost and output.

Cost Curves

Graphs that depict the relationship between the cost of producing goods and the quantity of goods produced.

ATC Curve

Average Total Cost (ATC) Curve represents the per-unit cost of production, which includes both fixed and variable costs, plotted against the level of output.