Forecasting Methods and Applications

The video tutorial covers forecasting methods, focusing on both qualitative and quantitative approaches. Qualitative methods include techniques like the build-up method, surveys, test markets, and the Delphi technique, which rely on expert opinions and consumer feedback. Quantitative methods involve time series analysis, including simple and weighted moving averages, to predict future trends based on historical data. The tutorial also provides examples of applying these methods in real-world scenarios, such as product forecasting and decision-making processes.

What are the two main types of forecasting methods discussed?

• Descriptive and Predictive

• Qualitative and Quantitative

• Historical and Predictive

• Analytical and Statistical

Which method involves gathering information from different levels of an organization?

• Panel of Experts

• Build-up Method

• Test Market

• Survey Method

What is a key characteristic of qualitative forecasting methods?

• They rely on historical data

• They are based on opinions and judgments

• They use complex mathematical models

• They are only used in the tech industry

Which method is useful when launching a new product with no historical data?

• Test Market

• Linear Regression

• Time Series Analysis

• Simple Moving Average

What is the Delphi technique also known as?

• Executive Opinion

• Panel of Experts

• Build-up Method

• Survey Method

What is the primary focus of quantitative forecasting methods?

• Expert opinions

• Market testing

• Historical data and mathematical models

• Consumer surveys

What does a simple moving average treat equally?

• All products

• All time periods

• All industries

• All forecasts

How does a weighted moving average differ from a simple moving average?

• It uses only past data

• It is only used in the retail industry

• It applies different weights to different time periods

• It treats all time periods equally

In the context of forecasting, what is a seasonal index?

• A financial metric

• A type of qualitative method

• A measure of consumer interest

• A comparison of specific seasons to averages

What is a practical application of weighted moving averages?

• Choosing a location based on various factors

• Determining product prices

• Analyzing historical sales data

• Conducting consumer surveys