Differentiate between Quantitative forecast and Quantitative forecast?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Differentiate between Quantitative
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Qualitative forecasting:
Qualitative forecasting approaches use experiences and opinions for future forecasting in place of numerical data. The various qualitative techniques are:
- Executive opinion – is the opinions of individuals higher up in the organization who have considerable experience in forecasting and have expert knowledge on such matters.
- Delphi method – is a forecasting process based on the results received from multiple rounds of questionnaires sent to a panel of various experts. The questionnaires are shared for several rounds and the responses are also shared within the group after every round.
Qualitative forecasting:
- Salesforce polling – is the method where the sales experts, market professional, and others are asked to give their opinion on the future sales and the forecasting is done based on that.
- Consumer survey – is the use of customer feedback on the kind of products and services expected in the future. The forecasting is done based on this survey.
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