Qualitative Forecasting Methods Are Most Appropriate When

question 62

Multiple Choice

Qualitative forecasting methods are most appropriate when

• A)there is good historical data available.
• B)there is little historical data available.
• C)experts do not have critical market intelligence.
• D)forecasting demand into the near future.

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Definitions:

Manufacturing Facility

A dedicated location equipped with machinery and equipment for producing goods in large quantities.

Distribution System

A distribution system is the network through which a company delivers its products or services to the end consumers.

Law of Small Numbers

A cognitive bias that leads individuals to draw broad conclusions from small data sets or a limited number of observations.

Representativeness Heuristic

A cognitive shortcut that involves judging the likelihood of an event by comparing it to an existing prototype that comes to mind, often leading to errors in decision making.