When Discussing Qualitative and Quantitative Forecasting Techniques

question 1

Multiple Choice

When discussing qualitative and quantitative forecasting techniques:

• A) qualitative techniques rely on analysis of past and current data.
• B) quantitative techniques are susceptible to subjective interpretation.
• C) qualitative techniques include the Delphi technique and scenario planning.
• D) quantitative techniques are based on detailed subjective analysis.

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Definitions:

Critical Values

Specific points on the scale of a test statistic that delineate the boundary between rejecting and not rejecting the null hypothesis.

Independent Large Samples

This refers to samples that are drawn from populations in such a way that the selection of a unit in one sample does not influence the selection of units in other samples, and each sample contains a sufficiently large number of observations.

Population Standard Deviations

The square root of the population variance, indicating how data is dispersed around the mean.

Test Statistic

A value calculated from sample data during a hypothesis test that is used to make a decision regarding the acceptance or rejection of the null hypothesis.