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Forecasting: Understanding the Basics Quiz

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Forecasting: Understanding the Basics Quiz

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Questions and Answers

What is the purpose of forecasting?

To identify potential risks (correct)

To predict the future with certainty

To analyze historical data

To make decisions without any basis

When deciding to bring an umbrella, what is a common basis according to the text?

Weather app notification

Habit

TV/radio weather forecast (correct)

Intuition

Why are logical, rational, and accurate decisions important in businesses?

To lead to suffering of the whole organization

To complicate processes

To ensure negative outcomes

To avoid negative outcomes and ensure success (correct)

What is a key benefit of performing forecasting in organizations?

Helping make good decisions and plans Signup and view all the answers

Which of the following best describes forecasting?

Predicting future events based on available information Signup and view all the answers

What is one of the objectives of forecasting as mentioned in the lesson?

To explain the qualitative approach to forecasting Signup and view all the answers

What is the primary objective of forecasting?

To reduce the risk or uncertainty in decision-making Signup and view all the answers

Who uses forecasting as a tool for long-range planning and capital budgeting decisions?

Top Management Signup and view all the answers

What aspect of production utilizes the forecasts?

Budget and schedule of production activities Signup and view all the answers

Which forecasting approach incorporates factors like intuition, emotion, and personal experiences?

Expert Opinions Signup and view all the answers

What is the Delphi Method in forecasting?

Asking members of a group of experts individually about their forecasts through a questionnaire Signup and view all the answers

How does Sales Force Polling differ from Expert Opinions?

Involves every salesperson estimating sales in their region Signup and view all the answers

What is the purpose of Consumer Market Surveys in forecasting?

To accumulate information regarding future purchasing plans Signup and view all the answers

What does PERT-derived Forecasts methodology require the expert to provide?

$pessimistic (a)$, $the most likely (m)$, $and optimistic (o)$ estimates Signup and view all the answers

$What is the primary use of forecasting for finance managers?$

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