The Ultimate Forecasting Quiz
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Questions and Answers

Which term refers to the process of predicting a future event?

  • Facilities
  • Forecasting (correct)
  • Inventory
  • Production

    • What is the time horizon for short-range forecasts?

  • Up to 1 year (correct)
  • 3 months to 3 years
  • 3+ years
  • None of the above

    • What is the underlying basis of all business decisions?

  • Facilities
  • Personnel
  • Inventory
  • Forecasting (correct)

    • Which type of forecast is used for sales and production planning?

    <p>Medium-range forecast</p> Signup and view all the answers

    Which type of forecast is used for new product planning?

    <p>Long-range forecast</p> Signup and view all the answers

    Which type of forecast deals with more comprehensive issues and supports management decisions?

    <p>Medium-range forecast</p> Signup and view all the answers

    What is the time horizon for medium-range forecasts?

    <p>1 year to 3 years</p> Signup and view all the answers

    Which factor is NOT considered in short-range forecasts?

    <p>New product planning</p> Signup and view all the answers

    What is the primary purpose of long-range forecasts?

    <p>New product planning</p> Signup and view all the answers

    What is the underlying basis of all business decisions?

    <p>Forecasting</p> Signup and view all the answers

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