demand forecasting is not a speculative exercise into the unknown. it is essentially a reasonable judgement of future probabilities of the market events based on scientific background. explain the statement by elaborating any 3 methods each from qualitative and quantitative methods of demand forecasting.

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Answer in Economics for AMIT VIKAS MALKAR #177253

Answer to Question #177253 in Economics for AMIT VIKAS MALKAR

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Question #177253

2. Demand forecasting is not a speculative exercise into the unknown. It is essentially a reasonable judgement of future probabilities of the market events based on scientific background. Explain the statement by elaborating different qualitative and quantitative methods of demand forecasting.

Expert's answer

Demand forecasting is the process in which historical sales data is used to develop an estimate of an expected forecast of customer demand.

There are two types of forecasting methods: qualitative and quantitative.

Qualitative techniques are the ones which apply knowledge of the business, market, product and customer to make a judgment call on the forecast. These techniques are primarily based on opinion, like the Delphi Method, Market Research, Panel consensus etc.

Quantitative methods come in two main types: time-series methods and explanatory methods. Time-series methods make forecasts based purely on historical patterns in the data.

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1.Demand forecasting is not a speculative exercise into the unknown. It is essentiallya reasonable judgement of future probabilities of the market events based onscientific background. Explain the statement by elaborating different qualitative andquantitative methods of demand forecasting. Which of the methods described by youFor Numerical AnswerAssessment ParameterWeightageFormula20%Procedure / Steps50%Correct Answer &Interpretation30%For Theoretical AnswerAssessment ParameterWeightageIntroduction20%Concepts and Applicationrelated to the question60%Conclusion20%