Business International business Forecasting
Question:
Which of the following is not an element of a good forecast?
a. timeliness
b. accuracy
c. mobility
d. simplicity
Forecasting:
The prediction of future data using the available past statistical data is referred to as forecasting in statistics. The Gross Domestic Product (GDP) and sales can be used for the collection of past statistical data.
Answer and Explanation:1
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As we know in good forecasting, there are mainly five key elements that are mentioned below:
- Timeliness
- Accuracy
- Reliable
- Correct measurement
- Simplic...
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Forecasting: Strategic Role, Components & Types
from
Chapter 15/ Lesson 1
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Forecasting in business involves making assumptions about future events and planning for the results. Explore the strategic role, components, and types of forecasting including qualitative and quantitative forecasts.
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