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Q.34OQ

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Operations And Supply Chain Management
Found in: Page 484
Operations And Supply Chain Management

Operations And Supply Chain Management

Book edition 14th
Author(s) F. Robert Jacobs
Pages 800 pages
ISBN 9780078024023

Short Answer

Question: Which qualitative forecasting technique was developed to ensure that the input from every participant in the process is weighted equally?

Answer

Qualitative forecasting can help an organization make predictions about its financial standing supported by opinions within the company. If you are employed as a manager or other high-level employee, they will use forecasts to assess and edit your company's budget. Knowing how to use qualitative forecasting can benefit your company by allowing external and internal sources input

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Step by Step Solution

Step 1: Qualitative forecasting technique

Qualitative techniques depend more on judgment or the opinions of experts and may be useful when past demand data are not available. These techniques typically involve a structured process so experience may be acquired and accurately assessed. Qualitative forecasting techniques generally make the most of the knowledge of experts and need much judgment.

Step 2: The Delphi forecasting technique was developed to ensure that the input from every participant in the process is weighted equally

The Delphi technique refers to questioning experts individually to assemble their opinions. Interviews and gathering information from the varied sources at the identical time rather than from a bunch of people can help forestall bias and ensure that any consensus about business predictions is generated from expert opinions. Then employees analyze the experts' opinions and return them with extra questions till choosing a prediction that can add up for the corporate.

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