Barney Took What He Liked to Call "The Shotgun Approach

question 94

Multiple Choice

Barney took what he liked to call "the shotgun approach" to forecasting. Every period he tried a number of different forecasting approaches and at the end of the period he reviewed all of the forecasts to see which was the most accurate. The winner would be used for next period's forecast (but he still made forecasts all possible ways so he could use the system again for the following period) . The more formal name for this technique is:

• A) combination forecasting.
• B) post-hoc forecasting.
• C) focus forecasting.
• D) shotgun forecasting.

---

Definitions:

Marginal Costs

The cost incurred by producing one additional unit of a product, which typically includes materials and labor.

Potential Customers

Individuals or organizations that could become buyers of a product or service, but have not yet made a purchase.

Expected Profit

The anticipated financial gain from a business venture or investment, estimated based on forecasts or previous performance.

Price

The amount of money required to purchase a particular good or service.