Test Bank Chapter 8 2024/2025 updated Questions And Answers 100% correct Verified

The repeated observations of demand for a product or service in their order of occurrence form a pattern known as a time series.True One of the basic time series patterns is random.True Random variation is an aspect of demand that increases the accuracy of the forecast.False Aggregation is the act of clustering several similar products or services.True Aggregating products or services together generally decreases the forecast accuracy.False Judgment methods of forecasting are quantitative methods that use historical data on independent variables to predict demandFalse Time-series analysis is a statistical approach that relies heavily on historical demand data to project the future size of demand.True The causal method of forecasting uses historical data on independent variables (such as promotional campaigns and economic conditions) to predict the demand of dependent variables (such as sales volume).True