A Company Is Conducting Long-Term Planning of Which Types of Services

question 98

Multiple Choice

A company is conducting long-term planning of which types of services they should offer.Which of the following forecasting techniques are they most likely to use?

• A) Trend models
• B) Executive opinion
• C) Regression models
• D) Simple exponential smoothing
• E) None of the choices are used for the longer term.

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Definitions:

Change in Demand

A change in the quantity demanded of a good or service at at least one price that is caused by factors other than a change in the price of that good or service.

Technology

The application of scientific knowledge for practical purposes, especially in industry, which includes machinery, equipment, methods, and processes.

Equilibrium Price

The price at which the quantity of a product offered for sale by sellers equals the quantity of the product that buyers are willing to buy, causing market stability.

Quantity Demanded

The overall volume of a product or service that consumers are eager and equipped to acquire at an established price point.