A Qualitative Approach to Demand Forecasting Can Include Any of the Following

question 74

Multiple Choice

A qualitative approach to demand forecasting can include any of the following EXCEPT:

• A)trend analysis
• B)the Delphi technique
• C)soliciting expert opinion
• D)management forecast

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Definitions:

Labour Efficiency Variance

The discrepancy between the actual hours worked and the standard hours expected to produce a certain level of output.

Variable Overhead

Costs that change in proportion with production volume or business activity levels, such as utilities or raw materials.

Labour Rate Variance

Labour rate variance is the difference between the actual hourly wage paid to workers and the standard wage rate expected, indicating variations in labor cost.

Material Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit.