All of the Following Are Important Concepts in Forecasting Except

question 62

Multiple Choice

All of the following are important concepts in forecasting except

• A)Determining the planning horizon length.
• B)Determining the time bucket size (i.e., year, quarter, month, week, day, etc.).
• C)Using a smoothing constant of 0.1 in Delphi methods of forecasting.
• D)Identifying cyclical patterns.

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Definitions:

Inverse Demand Function

A mathematical representation showing how the quantity demanded of a good or service changes as its price changes, holding everything else constant.

Unit Tax

A tax that is imposed on a product based on a fixed amount per unit, rather than a percentage of the price.

Output

The cumulative quantity of products or services generated by a business, sector, or economic system over a given timeframe.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain it.