A market research firm works on a variety of projects sourced from across the country. It has a deliberate policy of employing research team members from a variety of cultural minorities such as Asians, Africans, Hispanics, and Native Americans. This policy of the firm is likely to: a. expand power distance. b. enhance team performance. c. result in the creation of standard processes for data analysis. d. reduce the degree of time orientation.

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.