It Would Be Most Appropriate to Combine a Judgment Approach

question 45

Multiple Choice

It would be most appropriate to combine a judgment approach to forecasting with a quantitative approach by:

• A) having a group of experts examine each historical data point to determine whether it should be included in the model.
• B) combining opinions about the quantitative models to form one forecasting approach.
• C) adjusting a forecast up or down to compensate for specific events not included in the quantitative technique.
• D) developing a trend model to predict the outcomes of judgmental techniques in order to avoid the cost of employing the experts.

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Definitions:

Ethics Audit

A systematic evaluation of an organization's ethics programs and practices, aiming to identify potential areas for improvement and ensure compliance with ethical standards.

Credibility

The quality of being trusted and believed in, often influenced by a person's or organization’s reputation and their ability to provide reliable and accurate information.

Objectivity

The state or quality of being true even outside of a subject's individual biases, interpretations, feelings, and imaginings.

Retaliation

The action of returning a military attack; counterattack or the act of seeking revenge upon another.