The trade-off to be made with respect to accuracy is between the costs of inaccurate forecasts and the costs of increasing the accuracy of forecasts.

Question

Quizplus · Accepted Answer

This statement is true. When making forecasts, there is a trade-off between accuracy and cost. The cost of inaccurate forecasts may include lost revenue, wasted resources, and reputation damage. On the other hand, increasing the accuracy of forecasts may require more resources, time, and money. Therefore, decision-makers need to find the right balance between the costs of inaccurate forecasts and the costs of improving the accuracy of forecasts.

The Trade-Off to Be Made with Respect to Accuracy Is