what are the qualitative tools used for demand forecasting?
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Common types of qualitative techniques include: personal insight, sales force estimates, panel consensus, market research, visionary forecasting, and the Delphi method.
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Demand Equation or Function The quantity demanded (qD) is a function of five factors—price, buyer income, the price of related goods, consumer tastes, and any consumer expectations of future supply and price. As these factors change, so too does the quantity demanded.
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The main advantages of quantitative techniques of forecasting have over qualitative techniques are;  Results can be presented in graphs, tables, and charts which can often communicate very efficiently with people at a glance.
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Qualitative forecasting techniques are subjective, based on the opinion and judgment of consumers and experts; they are appropriate when past data are not available. ... Examples of qualitative forecasting methods are informed opinion and judgment, the Delphi method, market research, and historical life-cycle analogy.
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Qualitative forecasting is based on information that can't be measured. It's especially important when a company's just starting out, since there's a lack of past (historical) data. Quantitative forecasting relies on historical data that can be measured and manipulated.
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credibility, transferability, dependability, and confirmability. What strategies are used to establish the credibility of qualitative research findings?
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['1Shipping Status Tools. ... ', '2Order Processing Tools. ... ', '3Lean Inventory Tools. ... ', '4Warehouse Management Tools. ... ', '5Supplier Management Tools. ... ', '6Demand Forecasting Tools. ... ', '7Analytics and Reports Tools. ... ', '8Security Features Tools.']
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["MAXQDA. MAXQDA is a qualitative data analysis software that's designed for companies analyzing different types of customer data. ... ", 'Quirkos. Quirkos includes a variety of tools that analyze and review qualitative data. ... ', 'Qualtrics. ... ', "Raven's Eye. ... ", 'Square Feedback. ... ', 'FreeQDA. ... ', 'QDA Miner Lite. ... ', 'ConnectedText.']
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['Affinity diagrams. Key use: brainstorming/mind mapping. ... ', 'Analytic hierarchy process (AHP) Key use: complex decisions. ... ', 'Conjoint analysis. ... ', 'Cost/benefit analysis. ... ', 'Decision making trees. ... ', 'Game theory. ... ', 'Heuristic methods. ... ', 'Influence diagrams approach (IDA)']
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Data obtained using qualitative data collection methods can be used to find new ideas, opportunities, and problems, test their value and accuracy, formulate predictions, explore a certain field in more detail, and explain the numbers obtained using quantitative data collection techniques.
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There are three basic types—qualitative techniques, time series analysis and projection, and causal models. The first uses qualitative data (expert opinion, for example) and information about special events of the kind already mentioned, and may or may not take the past into consideration.
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['Flow Chart.', 'Histogram.', 'Cause-and-Effect Diagram.', 'Check Sheet.', 'Scatter Diagram.', 'Control Charts.', 'Pareto Charts.']
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['forecast levels of demand for services and products.', 'conduct research to ascertain the best products and suppliers in terms of best value, delivery schedules and quality.', 'liaise between suppliers, manufacturers, relevant internal departments and customers.']
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Qualitative forecasting is an estimation methodology that uses expert judgment, rather than numerical analysis. This type of forecasting relies upon the knowledge of highly experienced employees and consultants to provide insights into future outcomes.
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['Determine the demand in units.', 'Determine the order cost (incremental cost to process and order)', 'Determine the holding cost (incremental cost to hold one unit in inventory)', 'Multiply the demand by 2, then multiply the result by the order cost.', 'Divide the result by the holding cost.']
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['Problem recognition: Recognizes the need for a service or product.', 'Information search: Gathers information.', 'Alternatives evaluation: Weighs choices against comparable alternatives.', 'Purchase decision: Makes actual purchase.']
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['Identify the Problem. ... ', 'Collect Information. ... ', 'Perform a Preliminary Analysis. ... ', 'Choose the Forecasting Model. ... ', 'Data analysis. ... ', 'Verify Model Performance.']