Describe the following forecasting approaches: Qualitative Methods Executive opinion Delphi Sales force estimates Consumer surveys Quantitative Methods Time series (naïve method, moving averages, exponential smoothing, trend projection) Associative models (linear regression)

Describe the following forecasting approaches: Qualitative Methods Executive opinion Delphi Sales force estimates Consumer surveys Quantitative Methods Time series (naïve method, moving averages, exponential smoothing, trend projection) Associative models (linear regression)

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.3: Simple Regression Models

Problem 6P: Do the sales prices of houses in a given community vary systematically with their sizes (as measured...

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Concept explainers

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.

Question

Describe the following forecasting approaches:

Qualitative Methods

Executive opinion
Delphi
Sales force estimates
Consumer surveys

Quantitative Methods

Time series (naïve method, moving averages, exponential smoothing, trend projection)
Associative models (linear regression)

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