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Sagot :
A qualitative forecasting method which utilizes structured questionnaires submitted to potential customers soliciting opinions about potential products to estimate likely demand is market surveys.
What are Qualitative forecasting ?
Qualitative forecasting is an estimation methodology that uses expert judgment, rather than numerical analysis. This type of forecasting relies upon the knowledge of highly experienced employees and consultants to provide insights into future outcomes. This approach is substantially different from quantitative forecasting, where historical data is compiled and analyzed to discern future trends.
When to Use Qualitative Forecasting ?
Qualitative forecasting is most useful in situations where it is suspected that future results will depart markedly from results in prior periods, and which therefore cannot be predicted by quantitative means. For example, the historical trend in sales may indicate that sales will increase again in the next year, which would normally be measured using trend line analysis; however, an industry expert points out that there will be a materials shortage at a key supplier that will force sales downward.
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