ENTREPRENEURIAL OPERATIONS
PRODUCTION PLANNING AND CONTROL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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forecasting is/are
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rerely correrct
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always correct
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always accurate
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100% accurate
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Explanation:
Detailed explanation-1: -Forecasts are rarely perfect. Forecasting the future involves uncertainty. Therefore, it is almost impossible to make a perfect prediction. Forecasters know that they have to live with a certain amount of error, which is the difference between what is forecast and what actually happens.
Detailed explanation-2: -Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends. Businesses utilize forecasting to determine how to allocate their budgets or plan for anticipated expenses for an upcoming period of time.
Detailed explanation-3: -Answer: ans is d-short range forecast are less accurate than long range forecast.
There is 1 question to complete.