Which of the following is not necessarily an element of a good forecast?
A)The degree of accuracy is stated.
B)Time horizon long enough so forecast results can be used.
C)Expressed in meaningful units.
D)Low cost to complete.
E)Technique is simple to understand and use.

Question

Quizplus · Accepted Answer

The cost to complete a forecast may vary depending on the complexity of the techniques used, the amount of data required, and the expertise of the forecasters. While minimizing costs is important, it is not necessarily an element of a good forecast as other factors, such as accuracy and meaningfulness, are more critical.

Which of the Following Is Not Necessarily an Element of a Good