COST ACCOUNTING
INVENTORY AND PRODUCTION MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Forecast material requirements based on past usage data
|
|
|
Forecasting based on material usage information from material lifetime data
|
|
|
Forecasting based on data from the Central Bureau of Statistics (BPS)
|
|
|
Forecasting of predicted needs based on operational demand
|
Detailed explanation-1: -Forecasting – These are analyses applying statistics to historical data to project what could happen in the future.
Detailed explanation-2: -Time-series forecasting is a data science technique that uses machine learning and other computer technologies to study past observations and predict future values of time-series data.
Detailed explanation-3: -They are usually applied to intermediate-or long-range decisions. Examples of qualitative forecasting methods are informed opinion and judgment, the Delphi method, market research, and historical life-cycle analogy. Quantitative forecasting models are used to forecast future data as a function of past data.
Detailed explanation-4: -Backtesting involves applying a strategy or predictive model to historical data to determine its accuracy. It allows traders to test trading strategies without the need to risk capital.