When a retailer uses daily sales of each product to identify patterns and to forecast inventory requirements,this is an example of:
A)a time series forecasting technique.
B)a deterministic model.
C)a causal model.
D)a qualitative model.
E)a repetitive pattern technique.

Question

Quizplus · Accepted Answer

The use of daily sales data to identify patterns and forecast inventory requirements is a classic example of a time series forecasting technique, which involves analyzing historical data to identify trends, seasonal effects, and other patterns that can be used to make predictions about the future. Deterministic and causal models involve more complex mathematical relationships between variables, and qualitative models rely on expert judgment and subjective factors rather than historical data. Repetitive pattern technique is not a recognized forecasting technique.

When a Retailer Uses Daily Sales of Each Product to Identify