The Forecasting Technique Which Attempts to Forecast Short-Run Changes and Makes

question 17

Multiple Choice

The forecasting technique which attempts to forecast short-run changes and makes use of economic indicators known as leading,coincident or lagging indicators is known as:

• A) econometric technique
• B) time-series forecasting
• C) opinion polling
• D) barometric technique
• E) judgment forecasting

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Definitions:

Work in Process

Inventory category referring to goods that are in the process of being manufactured but are not yet completed.

Process Costing

Process costing is a method of assigning production costs to units of output in industries where the products are indistinguishable from each other and produced in a continuous process.

Weighted-Average Method

An inventory costing method that assigns an average cost to each unit of inventory, factoring in both the cost and quantity of goods available.

Material Cost

The total expense incurred to acquire materials used in the making of a product, including direct and indirect materials.