CHP 4 : QUALITATIVE FORECASTING

Which of the following is NOT a function of forecasting?

• Demand estimation

• Predicting future financial needs

• Planning for future production

• Completely eliminating uncertainty

What are the TWO (2) main categories of forecasting methods?

• Long-term and short-term forecasting

• Qualitative and quantitative forecasting

• Traditional and modern forecasting

• Subjective and objective forecasting

What is the "Jury of Executive Opinion" forecasting method?

• A forecasting technique based on customer surveys

• A statistical model using past data for predictions

• A method where a group of executives provide their opinions for forecasting

• A method using artificial intelligence for financial predictions

Which of the following is a key characteristic of the Delphi Method?

• Anonymous feedback collection from experts in multiple rounds

• Use of statistical models for forecasting

• Open discussion among experts in meetings

• Decisions made by a single executive

What is the primary purpose of a Consumer Market Survey?

• To analyze financial statements for decision-making

• To collect customer feedback and preferences for market analysis

• To gather expert opinions for business forecasting

• To predict stock market trends using historical data

Qualitative forecasting is most useful in which of the following situations?

• Forecasting demand for a new product with no historical data

• Measuring machine performance in a factory

• Calculating financial ratios for budget analysis

• Predicting future sales using past sales data

Are you enjoying the video lesson?

• Yes

• No