Question

What variables do we need to consider when selecting a forecasting technique? For example if we want to predict condo sales nex year, and that is almost impossible which variables would you take in consideration. i also need a References APA format please

Answer 1

Qualitative approach forecasting done with solutions when the sufficient information is not available for the specific topic. Where the specific data is not available qualitative approaches are used.
Some main qualitative approach are as follows.
• Jury of execution opinion.
Into the specific method opinions of experts are taken and later they are combined and averaged. The specific strategy takes individual opinion or Group opinions on the basis of the requirement. All element are requested to generate new ideas which are later evaluated for their specific profitability as well as feasibility .
• Opinion of the salesperson.
This specific method is done by having the opinions of the sales managers for setting the trend in the industry. Overall Trends for the marketing can be calculated by taking the opinion of the salesperson in the industry. Forecasting methods are basically used for short term planning as the level of data gained from the sales person or not very sophisticated.

• Consumers Expectations.
Consumer Expectations method directly works on the basis of creating a server with the customers. While asking the customers for the future needs this survey is carried out and provide a Useful information where the industry is very limited. Based on the specific Service result overall forecast for the specific survey can be implemented into the organisational structure.

References - http://personal.cb.cityu.edu.hk/msiris/ms4102/ms4102ch1.PDF

P.S.- Please leave a comment if any explanation is needed.