Podcast
Questions and Answers
Match the following forecasting applications with their primary usage:
Match the following forecasting applications with their primary usage:
Long-run corporate planning = Basis for long-run corporate planning Budget determination = Finance and accounting use forecasts to determine budgets and for cost control Hiring decisions = Personnel use forecasts to make hiring decisions and develop compensation and benefit packages Planning process = Enable managers to anticipate the future so they can plan accordingly
Match the following aspects of forecasts with their importance:
Match the following aspects of forecasts with their importance:
Expected level of demand = Important for determining the potential size of forecast error Degree of accuracy = Important for the degree of accuracy that can be assigned to a forecast Structural variation = Can be a function of some structural variation, such as a trend or seasonal variation Forecast error = Related to the potential size of forecast error
Match the following departments with their usage of forecasts:
Match the following departments with their usage of forecasts:
Finance and accounting = Use forecasts to determine budgets and for cost control Personnel = Use forecasts to make hiring decisions and develop compensation and benefit packages Managers = Use forecasts to anticipate the future for planning accordingly Economics = Department involved in forecasting demand for products and services
Match the following statements with their association to forecasting:
Match the following statements with their association to forecasting:
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Match the following uses of forecasts with their application:
Match the following uses of forecasts with their application:
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