Qualitative Forecasting Techniques

What is one reason why sales of college football apparel might be higher during the football season?

Which informal method used in causal forecasting relies on the judgment of the forecaster?

What does regression analysis focus on in statistical modeling?

Which type of forecasting assumes a long-term linear relationship between variables?

In what way does regression analysis help in understanding the relationship between variables?

What is the key characteristic of the Delphi Method for forecasting?

Which forecasting technique involves the participation of a group of market experts recruited to give inputs and justifications?

What is the primary source of future projections in the Sales Force Opinions (Bottom up) technique?

Who is usually responsible for the forecast in the Executive Judgement (Top Down) technique?

What do high-level executives use to arrive at a forecast in the Executive Judgement (Top Down) technique?

Which type of forecasting method is suitable when past numerical data is available and it is reasonable to assume that some of the patterns in the data are expected to continue into the future?

What are some of the accuracy performance measures used to judge quantitative forecasting models against each other?

Which type of forecasting method tries to identify the underlying factors that might influence the variable being forecast?

In quantitative forecasting, which method involves incorporating information about climate patterns to improve the ability of the model to predict umbrella sales?

When is it appropriate to use quantitative forecasting models?

What is the time frame for long-term forecasting?

Which forecasting method may be used when past data are not available?

When is short-term forecasting typically used?

What is the characteristic of qualitative forecasting techniques?

What kind of knowledge is required for long-term forecasting due to uncertainty?

What is the primary process of making predictions of the future based on past and present data?

In what area of application are the terms 'forecast' and 'forecasting' sometimes reserved for estimates of values at certain specific future times?

What is considered good practice in forecasting and prediction regarding risk and uncertainty?

What must be up to date for a forecast to be as accurate as possible?

What is not a single event, nor something only the marketing department has to worry about?

Below are monthly sales of light bulbs from the lighting store. Month Sales: Jan 250 Feb 298 Mar 357 Apr 319 May 380.

Forecast sales for June using the following Naïve method?

Below are monthly sales of light bulbs from the lighting store. Month Sales: Jan 250 Feb 298 Mar 357 Apr 319 May 380.

Forecast sales for June using the following Three- month simple moving average?

Below are monthly sales of light bulbs from the lighting store. Month Sales: Jan 250 Feb 298 Mar 357 Apr 319 May 380.

Forecast sales for June using the following Three-month weighted moving average using weights of .5, .3 and .2?

Below are monthly sales of light bulbs from the lighting store. Month Sales: Jan 250 Feb 298 Mar 357 Apr 319 May 380.

Forecast sales for June using the following Exponential smoothing using an alpha of .2 and a May forecast of 350.

The ABc Company has developed a new product and is going to make this product in-house. To be able to do this, they need to get a new equipment to be able to do the special type of processing required by the new product design. They have found two suppliers that sell such equipment. They are wondering which supplier they go ahead with. The costs associated with each option are:

Fixed Cost: Supplier A $150,000 and Supplier B $210,000.

Variable Cost: Supplier A $160 and Supplier B $100.

What is the break-even quantity at which the company will be indifferent between the two options?

The ABc Company has developed a new product and is going to make this product in-house. To be able to do this, they need to get a new equipment to be able to do the special type of processing required by the new product design. They have found two suppliers that sell such equipment. They are wondering which supplier they go ahead with. The costs associated with each option are:

Fixed Cost: Supplier A $150,000 and Supplier B $210,000.

Variable Cost: Supplier A $160 and Supplier B $100.

If the annual demand for the new product is estimated at 1000 units, which supplier should the company use? For what range of demand volume each supplier will be better?

What is the key step in the Capacity Planning Process that involves the evaluation of existing capacity and facilities?

Why is it important to have a balanced time across all steps in a sequential process?