glasskerfu

2021-01-31

Forecasting

Forecasting is important relative to capacity requirements planning.

What are some of the merits of using judgment methods (i.e., qualitative data) in contrast to quantitative forecasting methods.

Which methods are considered to be superior or more accurate, and in what forecast situations would require judgment methods?

In what situations would require a quantitative approach to forecasting?

Forecasting is important relative to capacity requirements planning.

What are some of the merits of using judgment methods (i.e., qualitative data) in contrast to quantitative forecasting methods.

Which methods are considered to be superior or more accurate, and in what forecast situations would require judgment methods?

In what situations would require a quantitative approach to forecasting?

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Skilled2021-02-01Added 92 answers

Techniques for qualitative data forecasting primarily describe the traits and qualities of the data. Data is primarily gathered through questionnaires, observations, interviews, and feedback. A qualitative technique is a process that relies on expert judgment rather than numerical methods when making future predictions. In order to predict future outcomes, qualitative forecasting techniques rely on the opinions and suggestions of highly qualified and experienced professionals.

Quantitative data is used when the researcher has to struggle with the quantity problem. Quantitative data are countable in nature and can be measured through scale and other instruments. Statistical Package for Social Science (SPSS), statistical analysis software is used to analyze the quantitative data.

The merits of Qualitative data over the Quantitative data will be analyzed through the following points.

Enriching

It became easier to find issues in data using the qualitative data approach rather than a quantitative approach.

Examining

Data and information generated from qualitative research can be tested using the quantitative approach.

Explaining

Qualitative data is more efficient and reliable to better understand the unpredictable results from the quantitative data as compared to the quantitative forecasting techniques.

In addition to the advantages listed above, using qualitative forecasting techniques over quantitative ones allows businesses to more easily understand consumer demand, purchasing patterns, and other pertinent data that is necessary for capacity requirement planning and will be sufficient to meet user needs.

Quantitative forecasting techniques are more accurate and superior in nature because organizations need to estimate their business activities in numbers so that the management teams can discuss the strategies, plans, and policies with the top-level management in the form of numbers. Quantitative forecasting techniques will provide the numerical form to analyze the data.

A qualitative approach is most favorable in the circumstances where it is suspected that the future outcomes will depart distinctly from the outcome in the past period, and which cannot be predicted by using the Quantitative approach. When data is unavailable, and if the data is available but not relevant then in this situation the qualitative forecasting method is used.

Quantitative techniques are the statistical techniques that required mathematical calculations to make future predictions. This method is applied when,

Numerical data of the past is available.

The assumptions that some aspects of the past will use in the future are made.

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