Company A is a tyre manufacturer and uses factors like the number and age of vehicles currently on the road in the country,predictions of GDP for the region and other relevant factors to forecast market potential.Which of the following methods is the one Company A uses for a more accurate forecast?

Question

Quizplus · Accepted Answer

Company A is using statistical methods, which involves the use of data and mathematical models to forecast market potential. The factors mentioned, such as the number and age of vehicles and predictions of GDP, can be quantified and analyzed through statistical methods. Analogy, observation, and surveys all involve collecting data but do not necessarily involve the mathematical models used in statistical methods.

Company a Is a Tyre Manufacturer and Uses Factors Like