Which of the following best describes the relationship between cost and accuracy in forecasting?
A)low cost methods are always less accurate
B)statistical methods are more costly and more accurate
C)there is a tradeoff between cost and accuracy
D)cost should not be considered in business forecasting

Question

Quizplus · Accepted Answer

There is a tradeoff between cost and accuracy in forecasting. Higher cost methods may provide more accurate forecasting, but at a higher expense. Lower cost methods may be less accurate but more feasible for some businesses. Ultimately, the choice of cost vs. accuracy will depend on the specific needs and resources of each individual company.

Which of the Following Best Describes the Relationship Between Cost