PracticeQuiz content is free on an ad-supported model.

Unfortunately, we can't support ad blocker usage because of the impact on our servers. If you'd like to continue, please disable your ad blocker and reload page.

Reload page

Supply Chain Management

Category - Demand

Start a Study Session Sign up for Question of the Day

A forecast error can be best defined as:

The error that measures the random component of demand.
The error that measures discreet components of production.
The error that measures a variable quantity of supply.
None of the above.

Explanation

Answer: A - Forecast error measures the random component of demand. This measure is important because it reveals how inaccurate a forecast is likely to be and what contingencies a firm may have to plan for.

Was this helpful? Upvote!

Start a Study Session Sign up for Question of the Day

Most popular on PracticeQuiz

219 votes

You are attempting to gather information from a patient, but they are having a hard time trying to communicate since they were hit in the throat by a baseball bat. What is the function of the vocal cords? NREMT Advanced EMT
209 votes

An 8-year-old boy named Albert has a 10-year-old brother named Benny. Benny joins the service at 20 leaving Albert feeling bitter that he no longer has a brother to look up to. After 7 years, Albert is finally ready to make up with Benny who has been out of the service for 5 years. How old is Albert now? GED Exam Prep: Math
185 votes

Using motivation from ‘within’ is called ______________. CPCE Exam Prep
177 votes

The lymphatic system contains four organs: Medical Coding Exam Prep
127 votes

“A set of specialized organizational capabilities for providing value to customers in the form of services” is the official definition of: IT Service Management Foundation Practice Test

Supply Chain Management

Top questions

Related questions

Most popular on PracticeQuiz

Ad-Blocker not supported

Supply Chain Management

Top questions

Related questions

Most popular on PracticeQuiz