Demand Forecasting Quiz

Quiz
•
English
•
12th Grade
•
Medium
Isma Danish
Used 5+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of demand forecasting?
To analyze current demand for a product
To predict future demand for a product
To compare demand across different products
To estimate past demand for a product
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is demand forecasting important for businesses?
To increase carrying costs
To reduce resource allocation
To optimize operations and minimize costs
To minimize profitability
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which method of demand forecasting involves gathering expert opinions or conducting surveys?
Qualitative methods
Time-series analysis
Quantitative methods
Causal/econometric models
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the challenges of demand forecasting?
Unforeseen events like natural disasters
Seasonality and trends
Changing consumer preferences
Predicting future demand accurately
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can businesses improve their demand forecasting accuracy?
By incorporating feedback from sales teams and customers
By ignoring market trends
By not monitoring market trends
By not updating forecasting models
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the relationship between price and quantity demanded according to the law of demand?
As price decreases, demand decreases
As price decreases, demand increases
As price increases, demand increases
As price increases, demand decreases
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor influences demand based on the availability of substitutes?
Substitutability
Expectations
Income level
Consumer preferences
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