CHAPTER 4 : Forecasting (Qualitative)

What is the primary purpose of forecasting?

• To randomly guess future outcomes

• To predict future trends and events based on data and analysis

• To analyze past events without making predictions

• To avoid using historical data in decision-making

Which of the following best defines forecasting?

• A random approach to decision-making

• The technique of estimating future events based on past and present data

• The process of collecting historical data without making predictions

• A method used only for weather predictions

Which key element is essential for accurate forecasting?

• Making random assumptions

• Ignoring past data

• Using historical data and analytical methods

• Avoiding statistical techniques

Forecasting are divided in _______ category.

• 3

• 4

• 1

• 2

If you plan to develop a work schedule, which time range is suitable for you to use.

• Short range forecast

• Medium range forecast

• Long range forecast

If you plan to develop a new product, which time range is suitable for you to use.

• Short range forecast

• Medium range forecast

• Long range forecast

What is the definition of qualitative forecasting?

• A forecasting method that relies on statistical and mathematical models

• A technique that predicts future events based on expert opinions and subjective judgment

• A method that only uses historical numerical data for predictions

• A forecasting approach that avoids human judgment and intuition

Which of the following is an example of a qualitative forecasting method?

• Time series analysis

• Delphi method

• Regression analysis

• Moving average

What is the definition of quantitative forecasting?

• A forecasting method that relies on expert opinions and subjective judgment

• A technique that predicts future outcomes using mathematical models and historical numerical data

• A method that avoids statistical techniques and focuses on intuition

• A forecasting approach that does not require past data

Which of the following is a key characteristic of quantitative forecasting?

• It is based solely on intuition and expert opinions

• It relies on historical numerical data and statistical techniques

• It does not require any past data for predictions

• It is only used for short-term forecasting