Table 14.11 a Sales Manager Wants to Forecast Monthly Sales of the of the Machines

question 73

Multiple Choice

Table 14.11
A sales manager wants to forecast monthly sales of the machines the company makes using the following monthly sales data.

-Use the information in Table 14.11.Forecast the monthly sales of the machine for month 9,using the three-month moving-average method.

• A)$3,728
• B)$4,085
• C)$3,880
• D)$3,277

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Definitions:

Hindsight Bias

The tendency to believe, after learning an outcome, that one would have foreseen it, often referred to as the "I-knew-it-all-along" phenomenon.

Overconfidence Bias

A cognitive bias which leads an individual to overestimate their knowledge, abilities, or control over situations.

Selection Bias

A type of bias caused by choosing non-random data for statistical analysis, which can cause the results to not be representative of the whole population.

Deductive Reasoning

A rational procedure in which an inference is derived from the harmony of multiple statements thought to be valid.