Topic 4 - Pt 1/2 1 Saved The primary difference between irregular and random variations is the ability to attribute variations to a specific cause. B True or False True False Business forecasting pertains to determining demand for products and services and little else. Multiple Choice True False Which of the following statements is not considered one of the elements of a good forecast? Multiple Choice The degree of accuracy of the forecast should be stated. The forecasting method chosen should be reliable. The forecasting technique should be simple to understand and use. A short forecasting horizon should be used to eliminate forecasting error Which of the following is not considered to be a method for developing a forecast based on judgment? 8 Multiple Choice Expert opinions Consumer surveys Historical analogies Naive methods Which of the following is not considered one of the steps in the forecasting process? 6 Multiple Choice Determine the purpose of the forecast Hire an external expert to develop a forecast Establish a forecasting horizon Monitor the forecast