The Three Major Types of Forecasts Used by Organizations in Planning

question 67

Multiple Choice

The three major types of forecasts used by organizations in planning future operations are:

• A) strategic, tactical, and operational.
• B) economic, technological, and demand.
• C) exponential smoothing, Delphi, and regression.
• D) causal, time-series, and seasonal.
• E) departmental, organizational, and territorial.

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Definitions:

Optimal Solution

The best possible outcome or answer found for a given problem, often characterized by the most efficient allocation of resources to achieve desired objectives.

Northwest-Corner Rule

A method used in transportation problems of operations research to find an initial feasible solution by starting from the top-left (northwest) corner of a matrix.

Initial Feasible Solution

The starting point of an algorithm that represents a possible solution to a problem, which meets all the constraints of the problem.

Routes

Paths or courses designated for transportation from one location to another.