Forecasting Is the Development of Proposed Action to Furnish Sufficient

question 59

True/False

Forecasting is the development of proposed action to furnish sufficient and appropriate organizational resources for reaching established organizational objectives.

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Definitions:

Economic Efficiency

A state where resources are allocated in the most effective manner, maximizing the production of goods and services while minimizing waste and costs.

Standard

An established measure or model used for comparison in assessing the quality, quantity, or value of something.

Criterion

A standard or principle by which something is judged or decided.

Economic Efficiency

A situation in which resources are allocated in the most beneficial way from the perspective of society, where no one can be made better off without making someone else worse off.