Quantitative Forecasting That Projects Past Data Without Explaining the Reasons

question 37

Multiple Choice

Quantitative forecasting that projects past data without explaining the reasons for future trends is called

• A)scientific forecasting.
• B)dumb forecasting.
• C)empirical forecasting.
• D)naïve forecasting.

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Definitions:

Marginal Cost

Marginal cost is the additional cost incurred from producing one more unit of a good or service.

Producing Bagels

The process of making bagels, which involves mixing, shaping, boiling and then baking dough, typically in a commercial or artisanal bakery setting.

Total Cost

The complete cost of producing a specific quantity of goods or services, including fixed and variable costs.

Average Fixed Cost

Production's unchanging overheads split by the volume of goods produced.