Comparing and Contrasting Forecasting Methods

Comparing and Contrasting Forecasting Methods Companies use forecasting to attend decide how to best spend funds for the next year, to herald if expansion is needed, to plan for how much of each product to maintain within a certain period of time, and other decisions that proceeds the federations future plans. Qualitative, time series analysis, causal relationships, and excuse are the four basic types of forecasting (Chase, Jacobs, & Aquilano, 2006). The forecasting methods that pull up stakes be compared and contrasted within this paper are the Delphi method (which is an employment of qualitative), time series analysis, seasonal, and causal relationship forecasting. The Delphi method is a judgmental forecasting method, which uses the evaluation of several experts within the plain stitch that is being analyzed to forecast gild sales. The process starts by contacting several experts and asking them to participate in the study of the comp any(prenominal). When fivefold experts agree to join in the research, the companys material is send to each specialist to evaluate, and are asked to send the findings and materials back to the company with suggestions and predictions attached.

A company coordinator studies in all of the information and forecasts, has key company executives make additional comments and reflections, then asks the experts if they want to make any changes to the information they provided. This will happen several times until all parties involved reach a consensus. Forecasts based on a group of forecasts are better than forecasts of a single forecaster, in particular where no formal forecasting process exists? (Ahamad & Ismael, 2003, p. 22). For the Delphi method to be used effectively, it is important to keep the identity of the experts used undisclosed, so those that are providing information to the company know it will non be used against any participant at a later time and make the experts feel comfortable to be honest in the review provided. The Delphi method is... If you want to get off a full essay, order it on our website: Orderessay

Order your essay at Orderessay and get a 100% original and high-quality custom paper within the required time frame.