Two Approaches Used to Gather Qualitative Data in Order to Forecast

question 32

Multiple Choice

Two approaches used to gather qualitative data in order to forecast HR demand (or supply) are

• A) trend analysis and scatterplot.
• B) nominal group and Delphi technique.
• C) regression analysis and nominal group technique.
• D) ratio analysis and nominal group technique.
• E) scatterplot and Delphi technique.

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Definitions:

Least-Squares Regression

A statistical approach that finds the optimal fitting line by reducing the sum of the squares of the discrepancies between the actual and forecasted values.

Variable Cost

Costs that vary directly with the level of production or sales volume, such as materials and direct labor.

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums, providing stability in expense planning.

Least-Squares Regression

A statistical technique used to find the line of best fit for a set of data, minimizing the sum of the squares of the differences between the observed and predicted values.