An oil exploration company is worried about future petroleum reserves in various parts of the world.The oil company will use the__________ quantitative approach.

Question

Quizplus · Accepted Answer

The best choice for this scenario would be mathematical forecasting, which involves gathering and analyzing data to make predictions about future trends. This approach is commonly used in industries such as oil and gas, where companies need to make decisions about exploration and production based on future demand and supply projections. Network models and inventory analysis are more suited for supply chain and logistics management, while queuing theory is used to optimize waiting lines and service times. Linear programming is used to optimize resource allocation and decision-making in various industries.

An Oil Exploration Company Is Worried About Future Petroleum Reserves