The First Step in Forecasting Is

question 38

Multiple Choice

The first step in forecasting is:

• A) determine what data is available
• B) decide what to forecast
• C) evaluate and analyze appropriate data
• D) select and test the forecast model
• E) establish the forecast accuracy requirements

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Definitions:

Abundance

A situation where there is more than enough of a resource or commodity, often leading to lower prices or greater accessibility.

Trade Off

The concept of sacrificing one good or service in order to obtain another, often used in decision-making processes to weigh different options.

Good

A tangible product or service that can satisfy consumers' wants or needs.

Optimum

The most favorable condition or level that achieves the best possible outcome or efficiency.