Question: Topic: Forecasting (10 marks) Identify TWO factors that should be considered when selecting a forecasting technique, and describe why each factor is important. [Marks: 4]

Topic: Forecasting (10 marks)

  1. Identify TWO factors that should be considered when selecting a forecasting technique, and describe why each factor is important. [Marks: 4]

  1. Define and explain the term 'Forecasting Error'. Summarise how (calculating) forecast errors helps decision-makers in business make 'better' decisions. [Marks: 4]

  1. Forecasts are never perfect. Briefly explain why. [Marks: 2]

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