Selecting the Type of Forecasting Method to Use Depends on

question 88

Multiple Choice

Selecting the type of forecasting method to use depends on

• A)the time frame of the forecast.
• B)the behavior of demand and demand patterns.
• C)the causes of demand behavior.
• D)All of these answer choices are correct.

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Definitions:

Measures of Variation

Statistical tools used to describe the distribution or spread of a data set, including range, variance, and standard deviation.

Statistically Significant

A determination in statistical analysis that an observed difference or relationship is unlikely to have occurred by chance.

Sample Average

The arithmetic mean of a set of numerical values, calculated by adding them together and dividing by the number of samples.

Skewed Distribution

A statistical term describing a distribution that is not symmetrical and has a long tail on one side of the peak.