Question
The type of demand forecasting, which involves demand
forecasting experts from outside the firm is known as _________.Solution
1. Trend projection Here data of past sales is used to project future sales. This is the simplest and most straightforward method of demand forecasting. 2. Market research This is based on data from customer surveys. Time and effort is required to prepare and send out surveys and tabulate data. 3. Sales force composite This method uses the experience of the sales team in a company. Feedback from the sales group is used to forecast customer demand. 4. Delphi method Demand forecasting experts from outside the firm are involved in this method. Several rounds of questionnaires are held which are to be responded anonymously until the group of forecasting experts comes to a consensus. 5. Econometric A mathematical formula is created to predict future customer demand. Here, statistical tools and economic theories are combined to estimate the economic variables and to forecast the intended variables.
Under which article of the Indian Constitution are village panchayats organized?
The revamped PM SVANidhi scheme has been extended till which year?Â
Which state became the top producer and exporter of processed potatoes in India in 2024–25?Â
What is the primary focus of the MoU signed between DPIIT and HDFC Bank?
By how much has SEBI capped the net intraday position limit per entity in equity index options?Â
Who was awarded the "Education Leader of the Year" at the Education World India School Ranking Awards 2024-2025?
Which financial institution partnered with Tata Power Solar Systems Ltd to facilitate financing options for installing rooftop solar panels and electric...
Dubai launched the “One Freezone Passport” initiative to allow firms to operate in all free zones with:Â
India will host the Shanghai Cooperation Organisation (SCO) Tourism Ministers’ Meeting (TMM) on 17th -18th March 2023 in which of the following city?...
What is the primary focus of AgriHub, the AI-driven Center of Excellence launched by MeitY and IIT Indore?