Business Forecasting: Methods & Analysis


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question 1 of 3

Which of the following methods involves asking experts their opinion about a product or service?

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1. Which type of forecasting method is used when there's little or no historical data?

2. What type of analysis assumes that a relationship exists between one or more variables and that a change in one variable will cause a change in the other variable?

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About This Quiz & Worksheet

Predicting outcomes is very important in business. Check your knowledge of business forecasting by completing this quiz and worksheet.

Quiz & Worksheet Goals

Information tested includes:

  • Forecasting method used in the absence of historical data
  • Time series methods
  • Quantitative method that considers trend, seasonal and cyclical components

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the name for the method that involves expert input regarding services and products
  • Reading comprehension - ensure that you draw the most important information from the lesson on business forecasting
  • Knowledge application - use your knowledge to identify the name of the typo of analysis that variables have a relationship and change in one will cause change in another

Additional Learning

Increase your business knowledge by completing the lesson titled Business Forecasting: Methods & Analysis. The objectives covered include:

  • Define financial forecast
  • Review quantitative methods
  • Understand qualitative methods