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Which one of the following is not a technique of Long Range Forecasting?
- a)Market Research and Market Survey
- b)Delphi
- c)Collective Opinion
- d)Correlation and Regression
Correct answer is option 'D'. Can you explain this answer?
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Which one of the following is not a technique of Long Range Forecasti...
Correlation and Regression method is used for short and medium range forecasting.
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Which one of the following is not a technique of Long Range Forecasti...
Long Range Forecasting Techniques
Long range forecasting is a technique used by organizations to predict future trends and events that may affect their operations. There are several techniques used in long range forecasting, including:
1. Market Research and Market Survey: This technique involves gathering information about market trends and consumer behavior through surveys, interviews, and other research methods. The data collected is then used to make predictions about future market trends.
2. Delphi: The Delphi technique involves gathering opinions from a panel of experts in a particular field. The experts provide their opinions anonymously, and the results are compiled and analyzed to make predictions about future events.
3. Collective Opinion: This technique involves gathering opinions from a group of people, such as employees or customers, and using the results to make predictions about future trends.
4. Correlation and Regression: This technique involves analyzing historical data to identify correlations between different variables. The data is then used to create regression models that can be used to make predictions about future events.
Not a Technique of Long Range Forecasting
The correct answer to the question is option 'D', which is Correlation and Regression. Correlation and Regression is a technique used in long range forecasting to analyze historical data and make predictions about future events. Therefore, it cannot be the technique that is not used in long range forecasting.
Long range forecasting is a technique used by organizations to predict future trends and events that may affect their operations. There are several techniques used in long range forecasting, including:
1. Market Research and Market Survey: This technique involves gathering information about market trends and consumer behavior through surveys, interviews, and other research methods. The data collected is then used to make predictions about future market trends.
2. Delphi: The Delphi technique involves gathering opinions from a panel of experts in a particular field. The experts provide their opinions anonymously, and the results are compiled and analyzed to make predictions about future events.
3. Collective Opinion: This technique involves gathering opinions from a group of people, such as employees or customers, and using the results to make predictions about future trends.
4. Correlation and Regression: This technique involves analyzing historical data to identify correlations between different variables. The data is then used to create regression models that can be used to make predictions about future events.
Not a Technique of Long Range Forecasting
The correct answer to the question is option 'D', which is Correlation and Regression. Correlation and Regression is a technique used in long range forecasting to analyze historical data and make predictions about future events. Therefore, it cannot be the technique that is not used in long range forecasting.
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Which one of the following is not a technique of Long Range Forecasting?a) Market Research and Market Surveyb) Delphic) Collective Opiniond) Correlation and RegressionCorrect answer is option 'D'. Can you explain this answer?
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Which one of the following is not a technique of Long Range Forecasting?a) Market Research and Market Surveyb) Delphic) Collective Opiniond) Correlation and RegressionCorrect answer is option 'D'. Can you explain this answer? for Mechanical Engineering 2024 is part of Mechanical Engineering preparation. The Question and answers have been prepared according to the Mechanical Engineering exam syllabus. Information about Which one of the following is not a technique of Long Range Forecasting?a) Market Research and Market Surveyb) Delphic) Collective Opiniond) Correlation and RegressionCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Mechanical Engineering 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following is not a technique of Long Range Forecasting?a) Market Research and Market Surveyb) Delphic) Collective Opiniond) Correlation and RegressionCorrect answer is option 'D'. Can you explain this answer?.
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