10 Questions
Which term refers to the process of predicting a future event?
Forecasting
What is the time horizon for short-range forecasts?
Up to 1 year
What is the underlying basis of all business decisions?
Forecasting
Which type of forecast is used for sales and production planning?
Medium-range forecast
Which type of forecast is used for new product planning?
Long-range forecast
Which type of forecast deals with more comprehensive issues and supports management decisions?
Medium-range forecast
What is the time horizon for medium-range forecasts?
1 year to 3 years
Which factor is NOT considered in short-range forecasts?
New product planning
What is the primary purpose of long-range forecasts?
New product planning
What is the underlying basis of all business decisions?
Forecasting
Test your knowledge on forecasting with this quiz! This quiz covers the basics of forecasting, its importance in business decisions, and its application in production and inventory management. Put your knowledge to the test and see how well you understand the principles of forecasting.
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