Which one of the following statements is correct when you are choosing the type of forecasting...
Which one of the following statements is correct when you are choosing the type of forecasting model to use for creating forecasts of the future?
Multiple Choice
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Leading indicators need to be used.
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Internal factors such as price changes, product improvements, and advertising play a much larger role than external factors.
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A forecasting model based solely on the model's "fit to history" is the best choice.
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The model that most closely matches the recent history is the best model.
Homework Answers
when you are choosing the type of forecasting model to use for creating forecasts of the future
The model that most closely matches the recent history is the best model.(ans)
Note-if there is any understanding problem regarding this please feel free to ask via comment box..thank you
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