Describe Three Qualitative Forecasting Techniques and Compare Their Strengths and Weaknesses

question 46

Essay

Describe three qualitative forecasting techniques and compare their strengths and weaknesses.

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Definitions:

Dollar Value

The worth or purchasing power of one United States dollar in terms of goods or services.

Goods and Services

The products (goods) and activities (services) that are produced and sold to satisfy human wants and needs.

Law of Comparative Advantage

A principle that states that countries or individuals gain by producing goods for which they have a lower opportunity cost relative to other producers, leading to more efficient global resource allocation.

Economic Goods

Products or services that have a price and are consumed by individuals or groups to satisfy needs or wants.