Techniques For Creating Qualitative Forecasts For Demand

Write an essay discussing the following, be sure to cite your sources. Consider two different techniques for creating qualitative forecasts for the demand for a product: Sales force and Consumer survey. One has a ‘focus’ on the customers buying the product and one has a ‘focus’ on the people selling the product.

  1. Compare and contrast these two different views
  2. Discuss the advantages and disadvantages that they will have for the firm’s manager.
  3. Despite all the advances in statistics, computing power, and training for managers, many forecasts are still subject to substantial errors.
  4. What do you think is the biggest contributor to errors in forecast?
  5. What are three measures of forecast accuracy and which measure is the easiest to determine and which is the hardest?
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