What variables do we need to consider when selecting a forecasting technique? For example if we...

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

Expert Solution

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.

keosha answered 1 year ago

NEED ANSWER ASAP (Hypothesis testing) What do we need to consider when we try to select...

NEED ANSWER ASAP (Hypothesis testing) What do we need to consider when we try to select a test? Choose one of the tests; discuss your understandings of that test. Use some examples to demonstrate your understanding. NEW ANSWER NEVER USED BEFORE !!!!!!!!!!!!!!!!! ANSWER THROUGHLY, COPY AND PASTE PLEASE

forecasting is what type of analytic technique

What accounting statements/variables should we pay attention to when forecasting equity/firm values? Why?

Provide a description and explanation of the main factors that auditors need to consider when selecting...

Provide a description and explanation of the main factors that auditors need to consider when selecting controls to test. What factors affect the auditor's determination of a samples size when testing controls and in which direction (varies inversely or direction with sample size)?

1. When we (humans) exercise we need energy. Why do we need this energy? Where do...

1. When we (humans) exercise we need energy. Why do we need this energy? Where do we get this energy from? Certain tissues which account for 40-50% of our body mass utilize a lot of energy and are especially important in exercise. Describe in detail how the “energy” gets to this tissue and how it is utilized by this tissue during low and vigorous exercise. What happens when the tissue does not have enough “energy” and when would a situation...

What do we mean when we say “a preferred size”? Explain and give an example.

what do we need to consider in understanding the effects of psychoactive drugs in a human

1.) Fundamental Forecasting Explain the fundamental technique for forecasting exchange rates. What are some limitations of...

1.) Fundamental Forecasting Explain the fundamental technique for forecasting exchange rates. What are some limitations of using a fundamental technique to forecast exchange rates? 2.) Market-Based Forecasting Explain the market-based technique for forecasting exchange rates. What is the rationale for using market-based forecasts? If the euro appreciates substantially against the dollar during a specific period, would market-based forecasts have overestimated or underestimated the realized values over this period? Explain.

Essay #5 When we communicate nonverbally, we do need to begin to understand and examine what...

Essay #5 When we communicate nonverbally, we do need to begin to understand and examine what we do. Describe two examples of nonverbal communication that you use and what it means to you. How could this nonverbal communication be misinterpreted by someone from another culture?

(1) For linear regression with multiple variables, why do we need to do feature scaling? (2)...

(1) For linear regression with multiple variables, why do we need to do feature scaling? (2) How does the learning rate alpha influence the gradient descent algorithm?

Question