In supply chain management, qualitative forecasting methods are most appropriate when?
Understand the Problem
The question is asking about the appropriate circumstances under which qualitative forecasting methods should be used in supply chain management. Qualitative forecasting is typically used when there is little or no historical data available, making it necessary to rely on expert opinions and subjective judgment.
Answer
When there is little or no historical data, or for new products.
Qualitative forecasting methods are most appropriate when there is little or no historical data available, such as when forecasting new products, or in situations where subjective insights and expert judgment are needed.
Answer for screen readers
Qualitative forecasting methods are most appropriate when there is little or no historical data available, such as when forecasting new products, or in situations where subjective insights and expert judgment are needed.
More Information
Qualitative forecasting leverages the expertise and intuitive insights of individuals to predict outcomes when numerical data is scarce. It's often useful in dynamic environments where market conditions can quickly change.
Tips
A common mistake is using qualitative methods when reliable historical data exists, in which case quantitative methods might be more fitting.
Sources
- Qualitative forecasting methods are most appropriate when - Chegg - chegg.com
- What is Supply Chain Forecasting? - o9 Solutions - o9solutions.com
- Supply Chain Forecasting: Methods, Examples, Tips to Improve - codeit.us
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