Question at position 11 The process of combining statistical forecasting techniques and judgment to construct demand estimates for products or services is known as?Cause and EffectTime SeriesDemand PlanningForecasting

Question

BlackTom AI · Accepted Answer

The question asks for the term describing the process of combining statistical forecasting techniques and judgment to construct demand estimates for products or services.
Option 1: Cause and Effect. This is a type of forecasting method that uses causal relationships to predict demand, but the question asks for the overall process that combines statistics and judgment, not specifically the causal modeling approach itself. So this is not the best fit for the described process.
Option 2: Time Series. Time series analysis relies on historical data patterns (trends, seasonality, autocorrelation) to forecast future demand. While it is a core forecasting technique, it does not by itself capture the element of managerial judgment being blended with statistical methods, which the question emphasizes.
Option 3: Demand Planning. Demand planning is the broader organizational process that includes forecasting, collaboration across functions, and aligning supply with expected demand. It encompasses more than just the forecasting step and may integrate various inputs beyond statistical forecasts, but the specific phrase in question points to the forecasting activity itself rather than the wider planning process. This makes it a less precise match for the stated definition.
Option 4: Forecasting. This option directly corresponds to the stated activity: creating demand estimates by combining statistical methods with managerial judgment. It is the core activity described, and it aligns with the standard definition of forecasting in operations and supply chain contexts. The blend of quantitative techniques with judgment is a hallmark of practical forecasting practice.

Question at position 11 The process of combining statistical forecasting techniques and judgment to construct demand estimates for products or services is known as?Cause and EffectTime SeriesDemand PlanningForecasting

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