Identify Briefly and Describe the Two General Forecasting Approaches

question 43

Short Answer

Identify briefly and describe the two general forecasting approaches.

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Definitions:

Need To Achieve

The personal quality, linked to entrepreneurship, of being motivated to excel and choose situations in which success is likely.

Entrepreneurship

The act of creating, managing, and building a business venture to make a profit while taking on financial risks.

Success

The achievement of set goals, targets or intended outcomes, often marked by performance or attainment in personal or business endeavors.

Locus Of Control

A psychological concept referring to the extent to which individuals believe they have control over the events that influence their lives.