Podcast
Questions and Answers
What is the primary objective of forecasting?
What is the primary objective of forecasting?
- To make capital budgeting decisions
- To reduce the risk or uncertainty in decision-making (correct)
- To implement long-range strategic objectives
- To project future sales and revenues
Who makes use of the forecast as a tool for long-range planning?
Who makes use of the forecast as a tool for long-range planning?
- Operational management
- Middle management
- Top management (correct)
- Frontline employees
What is included in the variables that are helpful in the firm's operations?
What is included in the variables that are helpful in the firm's operations?
- Future sales, revenues, earnings, costs, and other possible variables (correct)
- Future sales and revenues only
- Historical data only
- Future uncertainties
What does forecasting help management do before planning and implementation?
What does forecasting help management do before planning and implementation?
What is the main purpose of a Production Manager's use of forecasts?
What is the main purpose of a Production Manager's use of forecasts?
Which forecasting approach incorporates factors such as intuition, emotion, and personal experiences?
Which forecasting approach incorporates factors such as intuition, emotion, and personal experiences?
What is the Delphi Method primarily useful for?
What is the Delphi Method primarily useful for?
What is the main advantage of Consumer Market Surveys?
What is the main advantage of Consumer Market Surveys?
What does the PERT-derived Forecast require the expert to provide?
What does the PERT-derived Forecast require the expert to provide?
Which forecasting approach relies on historical data and/or causal variables to forecast demand?
Which forecasting approach relies on historical data and/or causal variables to forecast demand?
What is the primary responsibility of a Purchasing Manager according to the text?
What is the primary responsibility of a Purchasing Manager according to the text?
Which approach to forecasting is useful for formulating short-term forecasts and incorporates factors like intuition?
Which approach to forecasting is useful for formulating short-term forecasts and incorporates factors like intuition?
What does the Program Evaluation and Review Technique (PERT) methodology require the expert to provide?
What does the Program Evaluation and Review Technique (PERT) methodology require the expert to provide?
Which department utilizes forecasts to estimate how much sales should be made for the products?
Which department utilizes forecasts to estimate how much sales should be made for the products?
What is the main focus of a Finance Manager's use of forecasts?
What is the main focus of a Finance Manager's use of forecasts?
What is one purpose of Sales Force Polling according to the text?
What is one purpose of Sales Force Polling according to the text?
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