Judgment methods may be the only practical way to make a forecast when A. there is a great deal of historical product data. B. there is no historical data due to a new product introduction. C. quantitative models have been performing particularly well in recent periods. D. the forecast made in the previous period had a MAPE of less than 10%.

Question

Social Studies

Frederick Lutz

25 October, 08:30

Judgment methods may be the only practical way to make a forecast when A. there is a great deal of historical product data. B. there is no historical data due to a new product introduction. C. quantitative models have been performing particularly well in recent periods. D. the forecast made in the previous period had a MAPE of less than 10%.

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Answers (1)

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Evangeline Lin · Answer 1

B. there is no historical data due to a new product introduction.

Explanation:

Forecasting -

It is the process of predicting the future depending on the present and the past data via analyzing the trends of the data.

The judgement method is only practical for making a forecast, when the there is no data in the past, and hence, nothing can be predicted or assumed from the past.

Hence, from the question, the correct statement is B. there is no historical data due to a new product introduction.