Knowee
Questions
Features
Study Tools

One of the important criteria of a good demand forecasting techniques is:  A. Adaptability  B. Growth ability  C. strength ability  D. Longevity or Durability

Question

One of the important criteria of a good demand forecasting techniques is:

A. Adaptability
B. Growth ability
C. Strength ability
D. Longevity or Durability

🧐 Not the exact question you are looking for?Go ask a question

Solution

To determine the most important criterion of a good demand forecasting technique, let's analyze each option:

  1. Adaptability: A good demand forecasting technique must be able to adjust to changes in market conditions, consumer behavior, and external factors. This is crucial because these elements can significantly impact demand.

  2. Growth ability: While it is important for a forecasting technique to be able to grow or improve over time, this is not always the primary criterion. Growth can result from new data or methods but is not essential for the technique's effectiveness.

  3. Strength ability: This term is a bit vague. If it implies robustness, it could be relevant, but it's not commonly used in the context of demand forecasting techniques.

  4. Longevity or Durability: Longevity suggests that a technique remains relevant and effective over time. However, the market is constantly evolving, and even the best techniques may need to be updated or replaced.

Considering these factors, the most critical criterion among the options presented is A. Adaptability. A forecasting technique that is adaptable can adjust to new data and changes in the environment, making it the most valuable for accurately predicting demand.

This problem has been solved

Similar Questions

The concept of demand is best described as

Delphi method is used for:  A. Judgemental forecast  B. Time series forecast  C. Associative model  D. Demand forecast

One approach to forecasting returns is to use historical data. What are three (3) limitations of this approach?

Give some examples of companies that you use frequently.1. Short-range forecasts2. Long-range forecasts

One approach to forecasting returns is to use historical data. What are three (3) limitations of this approach? use 2 sentences

1/1

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.