The Life Cycles Analogy Technique Fits Best with Which of the Following

question 11

Multiple Choice

The life cycles analogy technique fits best with which of the following applications?

• A) A retailer wants to develop an overall sales forecast for the coming summer season.
• B) A cereal manufacturer has to decide how much new plant capacity will be required if it enters a new product category.
• C) A parts distribution business needs to create a workforce plan for the remainder of the year.
• D) A fishing lure manufacturer has to decide whether to invest in higher-capacity equipment this year to be ready for the next season's demand.

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Definitions:

Cost-Benefit Analysis

An economic approach to decision-making that compares the financial costs and benefits of a project or decision to determine its viability.

Training Program

An organized and structured series of educational activities or resources designed to enhance the skills, knowledge, and efficiency of employees.

Cognitive Approach

A method in psychology that focuses on understanding how people process information, think, and learn, emphasizing mental functions.

Socialization

The process by which individuals learn and adopt the customs, values, and behaviors appropriate to their society or social group.