Quantitative Forecasting Applies a Set of Mathematical Rules to __________

question 26

Multiple Choice

Quantitative forecasting applies a set of mathematical rules to __________.

• A) develop predictions of outcomes from customers' opinions
• B) a series of past data to predict outcomes
• C) support the opinions of experts
• D) estimate the number of products that should be produced at a given time
• E) combine estimates from sales personnel of customers' expected purchases

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Definitions:

Quantity Variances

The difference between the expected quantity of materials, labor, or overhead and what was actually used.

Direct Materials Cost

The cost of raw materials directly used in the manufacturing of a product.

Finished Product

A final product that has completed all stages of production and is ready for sale.

Activities

Activities refer to actions, tasks, or operations that are carried out by individuals or organizations, often aiming towards achieving specific goals or outcomes.