Question: ualitative Forecasting Methods These methods rely on expert opinions and subjective judgment. They include: Executive Opinion: This method involves gathering opinions from a group of

ualitative Forecasting Methods These methods rely on expert opinions and subjective judgment. They include: Executive Opinion: This method involves gathering opinions from a group of executives. It's useful when historical data is not available but may be biased. Delphi Method: This method involves gathering opinions from a panel of experts. It's useful for long-term forecasting but can be time-consuming. Sales Force Estimates: This method involves gathering forecasts from the sales team. It's useful for short-term forecasting but may be influenced by sales targets (Makridakis et al., 2008). Consumer Surveys: This method involves gathering opinions from customers. It's useful for new product forecasting but may be influenced by consumer biases. Application in Emergent Situations In an emergent situation, the choice of forecasting method would depend on the nature of the situation and the available data. For instance, if the situation involves a sudden change in market conditions, methods like exponential smoothing or sales force estimates might be more appropriate as they can quickly adapt to changes. On the other hand, if the situation involves long-term strategic planning, methods like trend projection or the delphi method might be more suitable. PLEASE DO NOT RESPOND WAIT

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!