Lost-Horse Forecasting Involves

question 137

Multiple Choice

Lost-horse forecasting involves

• A) admitting that the actions you have taken in the past have failed and removing those and similar actions from your list of alternatives.
• B) starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast.
• C) making decisions without any intervening steps.
• D) following a prescribed set of "directives" established before the research was even begun.
• E) selecting the forecasting alternative that would allow a firm to survive financially even if the forecasts were totally incorrect.

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Definitions:

Managerial Firefighting

The act of managers constantly dealing with crises and urgent problems rather than focusing on long-term planning and preventive measures.

Concurrent Control

A management method that involves monitoring and adjusting ongoing activities and processes to meet desired standards in real-time.

TQM Principle

Total Quality Management principles focus on long-term success through customer satisfaction, involving all members of an organization in improving processes, products, and services.

Do it Right

A principle emphasizing the importance of performing tasks correctly and efficiently to achieve desired outcomes.