Quantitative forecasting applies a set of mathematical rules to ________.
A)developing predictions of outcomes from customers' opinions
B)a series of past data to predict outcomes
C)analyse what has happened in the past and predict when it will occur again
D)determine if customers prefer one product compared to another product
E)estimate the number of products that should be produced at a given time

Question

Quizplus · Accepted Answer

Quantitative forecasting involves the use of mathematical models and past data to make predictions about future outcomes. It does not rely on customer opinions or preferences (options A and D), and it is not focused on predicting when past events will occur again (option C). While quantitative forecasting can inform production decisions (option E), this is not the primary focus of the method.

Quantitative Forecasting Applies a Set of Mathematical Rules to ________