The Art and Science of Estimating Events in the Future

question 8

Multiple Choice

The art and science of estimating events in the future is termed _____________.

• A) production demand
• B) procurement
• C) forecasting
• D) production scheduling

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Definitions:

Hierarchy of Aims

A structured arrangement of objectives and goals of an organization or project, ordered by their priority or level of importance.

Means-ends Fashion

An approach to problem-solving that starts with a desired outcome and works backward to find the methods to achieve it.

Good Planning

The process of setting objectives, determining strategies, and outlining tasks and schedules to accomplish the goals efficiently and effectively.

Scenario Planning

A strategic planning method used to make flexible long-term plans based on the systematic examination of future potential events and their impacts.