Ch 3.2_DnD Understanding appropriate forecasting method selection QUESTION PROGR

Question

Ch 3.2_DnD Understanding appropriate forecasting method selection QUESTION PROGRESS Introduction Click And Drag Concept Check Click And Drag The items listed on the left below are each related to one of the classifications of forecasting techniques shown on the right. Drag each item into the correct forecasting classification Qualitative Time-series A Explanatory variables B Weighted moving average CDelphi method D Multiple regression E Panel of experts Associative I forecasting techniques Subjective Exponential smoothing Imperfect What forecasting techniques use explanatory variables? ISeasonal relatives Reset

Explanation / Answer

Qualitative Technique :-

C. Delphi method.

E. Panel of experts.

F. Subjective.

Time series :-

B. Weighted moving average.

G. Exponential smoothing.

Associative :-

D. Multiple regression.

All forecasting Techniques :-

A. Explanatory variables.

H. Imperfect.

I. Seasonal relatives.

* Quantitative forecasting Technique is divided into two parts which are time series forecasting and casual or associative forecasting.

* Cost of the qualititive Technique is much more than that of quantitative techniques.

* Time required for the forecasting method is more in case of qualitative Technique which takes around two to three months. Whereas quantitative techniques takes very less time which varies from one day to one month.

Hope this helps :)

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