Question

Truzan Creations, one of the leading names in the handicraft industry, recently launched a new artifact in the market. The company uses a database to store information on the number of products manufactured, the weekly sales, the list of suppliers, and the profits achieved. The process component of the information system is used to conduct analysis on the data to generate information about sales. Which can be used by Truzan Creations to generate predictions for its next sales period?

Answer 1

The options are listed below:

A) Forecasting models

B) Estimation graphs

C) Modeling charts

D) Theoretical hypotheses

The correct option is A

Step-by-step explanation:

Forecasting models are used in making predictions about future events based on the analysis of past and present data. Forecasting is a tool that is used for decision-making by many businesses in order to help in budgeting, planning, and estimating future growth.

Therefore, in the scenario presented above, in order to generate predictions for its next sales period, by analyzing the data on sales that is present, Truzan Creations will need forecasting models.