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Forecasting Methods

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?

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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.