Podcast
Questions and Answers
Which of the following is NOT a category of demand forecasting methods discussed in the document?
Which of the following is NOT a category of demand forecasting methods discussed in the document?
- Dynamic Methods (correct)
- Other Methods
- Static Methods
Demand Force Casting is a technique used to estimate future demand for a product.
Demand Force Casting is a technique used to estimate future demand for a product.
True (A)
What is the name of the method used to forecast demand by analyzing historical data and identifying patterns?
What is the name of the method used to forecast demand by analyzing historical data and identifying patterns?
Trend extrapolation/regression method
The ______ method involves collecting data from customers, distributors, and other stakeholders to estimate future demand.
The ______ method involves collecting data from customers, distributors, and other stakeholders to estimate future demand.
Match the demand forecasting method to its corresponding category:
Match the demand forecasting method to its corresponding category:
Flashcards
Demand Forecasting
Demand Forecasting
Estimation of future demand for a product.
Static Methods
Static Methods
Forecasting techniques that use existing data without time variable changes.
Survey Method
Survey Method
Collecting data by directly asking consumers about their preferences.
Expert Opinion Method
Expert Opinion Method
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Trend Extrapolation
Trend Extrapolation
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Study Notes
Arc Method
- Graphical method for estimating demand
- Shows relationship between price and quantity demanded
- Illustrates downward sloping demand curve (higher price, lower quantity)
Demand Forecasting
- Refers to estimating future demand
- Often used to project sales for a certain product
- Costing is one type of demand forecasting
Demand and Forecasting Methods
-
Static Methods:
- Based on historical data
- Standardized
- Project Method (using past data)
- Parametric Method (mathematical models from historical data)
- Simulation Method (mathematical models to estimate results)
- Correlation-Regression Method (analyzing relationship between 2 or more variables)
-
Other Methods:
- Expert Opinion Method (input from knowledgeable experts)
- Test Marketing Method (limited product rollout to assess market reaction)
- Controlled Experiments
- Judgment Approach (assessing the opinion of experts)
-
Survey of Buyer Intention
- Understanding customer purchasing plans
-
Sales Force Survey:
- Gathering information from sales personnel
-
Sample Census Method: Gathering information to represent customer population for better sampling
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