--%>

Trent projection statistical method of Demand Forecasting

Explain the Trent projection statistical method of Demand Forecasting.

E

Expert

Verified

Trent projection method: In this method, demand is estimated at the basis of analysis of past data. Such method utilizes time series as data over a period of time. Now there we try to ascertain the trend within the time series. Trend within the time series can be estimated using free hand method or least square method and/or semi-average method or moving average method.

   Related Questions in Managerial Economics

  • Q : Determine perfectly competitive firm

    When total variable cost exceeds total revenue whatever output levels but a perfectly competitive firm: w) must produce in the short run. x) is making short-run profits. y) must shut down in the short run. z) has shel

  • Q : Marginal revenue productivity When the

    When the marginal revenue product of the last worker hired is superior to the marginal resource cost of the worker, in that case the firm: (w) is experiencing increasing returns to scale. (x) can increase its profits by hiring more la

  • Q : Occurrence of backward bending supply

    A backward bending supply curve is more likely to arise for the supply of: (1) labor. (2) land. (3) capital.  (4) tomatoes. (5) leisure. Please choose the right answer from above...I want your suggestion for t

  • Q : Illustrates the steps in formulating

    Illustrates the steps in formulating pricing policies in details?

  • Q : Physical Productivity of labor Labor’s

    Labor’s physical productivity based most directly on technology and the: (w) tastes and preferences of consumers. (x) transactions demand for money. (y) prices and availability of the other resources. (z) level of per capita income.

  • Q : Less elastic demand for a resource At

    At any price of, the demand for a resource is fewer elastic the: (w) easier this is to substitute other resources for this. (x) harder this is to substitute other resources for this. (y) more elastic the demand for the output this produces. (z) greate

  • Q : Diminishing Returns and Increasing Costs

    I have a problem in economics on Diminishing Returns and Increasing Costs. Please help me in the following question. The concave (or bowed out) production possibilities frontier means that the opportunity costs are: (i) Constant (ii) Increasing (iii)

  • Q : Wage Flexibility An assumption

    An assumption regarding purely competitive labor markets to make sure market clearing is which: (w) firms maximize profit. (x) individuals and households maximize utility. (y) wages and prices are flexible. (z) trade unions engage in collective bargai

  • Q : Explain characteristics of managerial

    Explain the chief characteristics of managerial or business economics.

  • Q : Hiring more labor in profit maximization

    When a firm hires an additional worker who adds $100 worth of output daily, and adds $50 daily to the firm’s costs, in that case the firm must: (w) hire more labor. (x) hire less labor. (y) not change its employment of labor. (z) sell off some o