18 Questions
What is the first step in the forecasting process?
Identifying inputs needed for the forecast
Which group of professionals typically uses short and long-term forecasts?
Marketing managers
What is a key characteristic of forecasts?
Forecasts are rarely perfect
In forecasting, forecasts are generally more accurate for which type of data?
Grouped data rather than individual items
What is considered the end product of the forecasting process?
The forecast itself
Who typically specifies the format of the forecast output?
Forecast users
What is one of the preliminary selection criteria for starting to make a forecast?
Identifying factors likely to affect changes in demand
Which forecasting method involves the use of market research and a panel of consensus?
Delphi method
What is the main characteristic of a long-range forecast?
Covers periods greater than 2 years
Which type of forecasting method is described as being based on mathematical modeling?
Time series analysis
In the forecasting process, what is the purpose of using alternative projection techniques?
To evaluate different qualitative and quantitative methods
What is a weakness associated with the Market Research qualitative forecasting method?
Can be difficult to develop a good customer preferences questionnaire
What method eliminates the effects of group potential dominance of the most vocal members in forecasting?
Delphi Method
Which step is typically part of the Delphi Method procedure?
Group members making their own forecasts
What is the purpose of pooling all regional forecasts at the district and national levels?
To obtain an overall forecast
Which method involves soliciting input from customers regarding their future purchasing plans?
Market Research/Survey
What distinguishes the Delphi Method from regular panels?
Involves individuals from inside and outside the organization
Which method involves the use of tests for new products and services in forecasting?
Market Research/Survey
Test your knowledge on the forecasting process, including identification of inputs and outputs, as well as case studies on nudging techniques. Explore areas and techniques of application in altering customer behavior.
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