Question

Forecasting drives all of the key business functions. Among the following cases, select the cases that are the least suited for the use of quantitative forecasting. (1). Demand of radically innovative new product (2). Supply of agricultural products (3). Demand of commodities (4). The rate of new product production

Answer 1

1)Demand of radically innovative new product

Explanation:

Remember radically Innovative new products are quality-focused so that consumers see value to be derived from them before making demands.

Therefore it best suited for qualitative forecasting rather than quantitative forecasting.

Answer 2

(1). Demand of radically innovative new product

Step-by-step explanation:

Forecasting refers to a decision making tool for planning and making estimates of future projections. This is usually achieved by relying on past events to determine future outcomes.

There are two forecast types, namely; judgment-based and quantitative.

The combination of the two types helps to get the best outcome as it aids to mitigate weaknesses.