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# The answer to Forecasting Methods

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What forecasting methods are used at your organization? Who does the forecasting? What is forecasted? What should be forecasted?

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This solution discusses forecasting methods.

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Being a resale corporation, it's sometime hard to forecast future sales volume and, in turn, the inventory level solely depending on historical data or mathematical methods. Therefore, the firm in concern applies Consensus Forecasting Methods.

They are typically used when there is no past history and the only source of opinion is the customers or the experts in the area.

Sales force composites are derived using the individual estimates of the member of the sales force, as they have the most contact with the customers and can monitor the consumer preferences. In this process, the sales volume should be forecasted.

Surveys are used to directly collect data from the customers on consumer preferences. Jury of executive opinion and the Delphi Method collect information from the experts in the area. In the former the estimates of the individual experts are combined to arrive at a forecast. In the latter, both the sales volume and inventory level should be forecasted. And the estimates are compiled and sent back to the experts and they are asked to review their estimate.

This process is repeated until a consensus is reached.

Being a resale corporation, it's sometime hard to forecast future sales volume and, in turn, the inventory level solely depending on historical data or mathematical methods. Therefore, the firm in concern applies Consensus Forecasting Methods.

They are typically used when there is no past history and the only source of opinion is the customers or the experts in the area.

Sales force composites are derived using the individual estimates of the member of the sales force, as they have the most contact with the customers and can monitor the consumer preferences. In this process, the sales volume should be forecasted.

Surveys are used to directly collect data from the customers on consumer preferences. Jury of executive opinion and the Delphi Method collect information from the experts in the area. In the former the estimates of the individual experts are combined to arrive at a forecast. In the ...

##### Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.