Which one of the following statements about forecasting is FALSE?
◦ To achieve the objective of developing a useful forecast from the information at hand, the forecaster must select the appropriate technique. This choice sometimes involves a trade-off between forecast accuracy and cost.
◦ A time series is a list of repeated observations of a phenomenon, such as demand, arranged in the order in which they actually occurred.
◦ Time series express the relationship between the factor to be forecast and related factors such as promotional campaigns, economic conditions, and competitor actions.
◦ Three general types of forecasting techniques are used for demand forecasting: time-series analysis, causal methods, and judgment methods.
TrUe....FaLsE
False Solomons Seal
Other Forecasting Methods
Satellites in Weather Forecasting
Hurricane Forecasting
E9-23 Prepare income statements Explain the difference in operating income