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:

Isoquant

A curve that represents all the combinations of inputs that produce the same level of output in production theory.

Indeterminate

A state or outcome that cannot be predicted or decisively determined due to insufficient information.

Isocost Line

A graph representing all combinations of inputs that can be purchased with a given total cost.

Isoquant

A curve that represents all combinations of production factors that result in the production of a given level of output, in production theory.