Forecasting Is Not an Exact Science,and It Is Rare for a Forecast

question 12

True/False

Forecasting is not an exact science,and it is rare for a forecast to be exactly right.Given this uncertainty,it is usually best to use the previous period's data and add/reduce some percentage value based on managerial intuition.

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Definitions:

Agent

An individual or entity authorized to act on behalf of another (known as the principal) in dealings with third parties, creating a legal relationship called agency.

Authority

The power or right to give orders, make decisions, and enforce obedience, or a person or organization having such power.

Contract

A legal agreement between two or more parties that creates mutual obligations enforceable by law.

Liable

Legally responsible or obligated to someone or something, often used in the context of legal judgments or debts.