Question

A lost-horse forecast belongs to which of the following types of sales forecasting technique?

a. Qualitative forecasting
b. Time series analysis
c. Causal forecasting
d. Quantitative forecasting

Answer 1

The term 'lost-horse forecast' doesn't align with standard forecasting techniques. Duration is quantitative continuous data, and the number of times per week is quantitative discrete data. A symbolic interactionist would typically use participant observation for research.

Step-by-step explanation:

A lost-horse forecast is a humorous term not typically associated with formal sales forecasting techniques. In the context of sales forecasting, there are two primary categories: qualitative forecasting and quantitative forecasting. Qualitative forecasting relies on expert opinions and market research, while quantitative forecasting uses historical data and statistical tools to predict future sales.

Answering the student questions specifically:

1. Duration (amount of time) would be considered as quantitative continuous data because it can be measured on a continuous scale.
2. The number of times per week is quantitative discrete data since it is a count of occurrences and cannot have fractional values.
3. A symbolic interactionist, who focuses on the subjective meanings of human acts and interaction, would most likely utilize participant observation as a research technique.

If we look at the data collected from thirty people over two weeks around Mardi Gras in New Orleans regarding their weight gain or loss, this would be quantitative continuous data, as weight can vary continuously and can be measured in fractions of units.