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

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

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