Explore BrainMass
Share

Forecasting Methods

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

Discuss the benefits and drawbacks of the following methods of forecasting:
a- Jury of executive opinion
b- The Delphi method
c- Opinion polls

Each of these methods has its uses. What are they?

© BrainMass Inc. brainmass.com October 17, 2018, 4:11 am ad1c9bdddf
https://brainmass.com/economics/break-even-analysis/benefits-drawbacks-forecasting-methods-452542

Solution Preview

Jury of executive opinion:

It is a sales forecasting methodology in which organizational managers are asked to provide their opinions on future sales to arrive at a forecast based on informed opinions. Basically, it is a process of combining or averaging views of the various managers to arrive at a forecast and is similar to Delphi technique mentioned below. It is particularly useful in situations where past data do not exists. The main advantage is that it is quick, simple and involves participants with strong domain knowledge regarding the situation. However, this technique is also subject to various judgmental biases. It is a opinion based ...

Solution Summary

The following posting discusses the benefits and drawbacks of various methods of forecasting, including the jury of executive opinion, the Delphi method and opinion poll.

$2.19
Similar Posting

Compare and Contrast forecasting methods

Compare and contrast forecasting methods (e.g. seasonal, Delphi, technological, time series). Explain how a 'Cable TV Company' uses one or more of these methods to forecast demand under conditions of uncertainty. Please do not use the short answer method; use the long answer method instead. Thank you.

View Full Posting Details