Which one of the following statements about forecasting is True?
A) The five basic patterns of demand are the horizontal, trend, seasonal, cyclical, and the subjective judgment of forecasters.
B) Judgment methods are particularly appropriate for situations in which historical data are lacking.
C) Casual methods are used when historical data are available and the relationship between the factor to be forecast and other external and internal factors cannot be identified.
D) Focused forecasting is a technique that focuses on one particular component of demand and develops a forecast from it.

Question

Quizplus · Accepted Answer

Judgment methods are indeed used in situations where historical data may not be available or sufficient, allowing forecasters to rely on their expertise, intuition, or qualitative data to make predictions.

Which One of the Following Statements About Forecasting Is True