For which of the following products would be BEST to use qualitative forecasting methods? Please explain!...

For which of the following products would be BEST to use qualitative forecasting methods? Please explain!

a. iPhone X (current generation iPhone)

b. Virtual Reality Headsets (such as Oculus Rift)

c. Bread and Milk

d. Socks

e. Televisions

Solutions

Expert Solution

Qualitative forecasting as its name suggests combines facts from qualitative data which means experiences, opinions and judgements by experts in that particular field. This type of forecasting relies upon the hands-on experience of senior personnel and consultants to provide their feedback on probable outcomes. It is most often used when the outcome of a project appears vague and there's very little data on the subject. Based on this, following products from the list of above-mentioned should use qualitative forecasting:

a. iPhone X

b. Virtual reality headsets

These products are for the new generation and are new in the market. Technologies used by them is also new. So there are very few data available about them. It needs the outlook and insight of experienced personnel to comment on its life longevity in the market.

Bread, milk, socks and television do not require qualitative forecasting at all. They are age-old products and quite a necessity in the majority of households.

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

1- What are the various qualitative forecasting methods as discussed in Chapter-3, describe them in detail....

1- What are the various qualitative forecasting methods as discussed in Chapter-3, describe them in detail. Can you identify some other qualitative forecasting methods in addition to what is mentioned in the textbook? 2- How is service design different from design of physical products? What are the phases of a service design process? What characteristics make it a well-designed service system? What challenges do you see in designing services?

What are the various qualitative forecasting methods as discussed in Chapter-3, describe them in detail. Can...

What are the various qualitative forecasting methods as discussed in Chapter-3, describe them in detail. Can you identify some other qualitative forecasting methods in addition to what is mentioned in the textbook? How is service design different from design of physical products? What are the phases of a service design process? What characteristics make it a well-designed service system? What challenges do you see in designing services?

What are the various qualitative forecasting methods as discussed in Chapter-3, describe them in detail? Can...

What are the various qualitative forecasting methods as discussed in Chapter-3, describe them in detail? Can you identify some other qualitative forecasting methods in addition to what is mentioned in the textbook?

When and why would you use a mixed methods approach instead of only qualitative or quantitative?

Forecasting Exchange Rates Explain two of the methods for forecasting exchange rates and provide examples of...

Forecasting Exchange Rates Explain two of the methods for forecasting exchange rates and provide examples of how they might work.

Why is forecasting important to businesses. What type of business forecasting do you think would best...

Why is forecasting important to businesses. What type of business forecasting do you think would best suit your line of work? Or describe a forecasting need for a company and discuss how it helps the business. Explain your answer.

What are the costs and benefits of utilizing quantitative methods and qualitative methods? Which method do...

What are the costs and benefits of utilizing quantitative methods and qualitative methods? Which method do you believe is superior? Consider a political phenomenon that you would like to study. Compile a list of a couple research questions and hypotheses that can help you in your study.

Answer the following questions 1-10: 1# Which of the following transactions would best use the present...

Answer the following questions 1-10: 1# Which of the following transactions would best use the present value of an annuity due of 1 table? a. Fernetti, Inc. rents a truck for 5 years with annual rental payments of $20,000 to be made at the beginning of each year. b. Edmiston Co. rents a warehouse for 7 years with annual rental payments of $120,000 to be made at the end of each year. c. Durant, Inc. borrows $20,000 and has agreed...

1. Explain which of the conversion methods would be suitable for the following. Justify your choice:...

1. Explain which of the conversion methods would be suitable for the following. Justify your choice: a) Upgrading the software for an Automatic Banking Machine (ABM/ATM) b) Adding a new inventory system along with new computerized cash registers in a supermarket c) Implementing a student course management system in a university 2. List four reasons why your participation as a user of an information system is critical during the systems development life cycle, linking the concepts of user involvement and...

Analyze and describe any two types of qualitative research methods. Recommend in which situations, qualitative research...

Analyze and describe any two types of qualitative research methods. Recommend in which situations, qualitative research methods can be used in public health research. Explain the advantages and disadvantages of qualitative as well as quantitative research. Analyze and explain why qualitative research and mixed methodologies are given preference over quantitative methodology in most cases of public health research. Is it true that the value of the dependence of qualitative research on small samples renders it incapable of generalizing conclusions? Why?...

Subjects