What time horizons are used for strategic forecasts?Long-term planning – strategic
The time horizon is typically 1 – 5 years, and the frequency of the review meetings quarterly.
What are the two general forecasting approaches?Forecasting methods can be classified into two groups: qualitative and quantitative.
What type of forecast is used for day to day decision making?Short term forecasting is daily up to months in the future. These forecasts are used for operational decision making such as inventory planning, ordering and scheduling of the workforce.
Which of the following is not an example of a quantitative forecasting method?The Delphi method is not considered a quantitative forecasting tool in the aforementioned scenario.
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