Qualitative Forecasting Methods Are Used When

question 2

Multiple Choice

Qualitative forecasting methods are used when:

• A) historical data on the variable being forecast are available.
• B) information on past values of the variable being measured is quantifiable.
• C) historical data on the variable being forecast are either unavailable or are not applicable.
• D) it is reasonable to assume that past is prologue.

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Definitions:

Job Order Costing System

An accounting method used to assign manufacturing costs to individual products or batches.

Materials Flow

The movement of physical materials through the supply chain from procurement to production to delivery.

Employee Labor

Refers to the work performed by employees for which they are compensated by an employer.

Inventory Accounts

Accounts used to track the value of a company's stock of goods.