One use of short-range forecasts is to determine:


31) One use of short-range forecasts is to determine: A) planning for new products. B) capital expenditures. C) research and

Answer

31. Short-range forecasts generally don’t work for planning for new products, capital expenditures, research and development plans and facility location. All of these need long-term forecasts. But job-assignments can be done with the short-range forecasts. Thus the answer is E. Job assignments. 32. Long-range forecasts are generally of more than 3 years, Short-range are of less than 3 months, weather forecast and strategic forecast are not constrained by time specifically. Generally, time horizon ranging from 3 months to 3 years is called a medium-range forecast. So, the answer is B. Medium range forecast. 33. Short range forecast does not have the same level of accuracy as long-range forecast. Neither both of them employ same methodologies nor does it deal with more comprehensive issues than long-range forecasts. But short-range forecast are quiet more accurate than longer-range forecasts. So, the answer is B. be more accurate than. 34. Time series model, as the name suggests, uses historical/past data to make the forecast, So, the answer is A. True. 35. The answer is C. jury of executive opinion. 36. Time-series data covers all the aspects like trend, seasonality, random variables, cycles.

So, the answer is E. all of the above.

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