What are the Methods of Demand Forecasting

Question

What are the Methods of Demand Forecasting?

Answer 1

Established Products: some methods are utilized for forecasting demand. All such methods can be grouped in given method.

1. Survey Method

In this method, information regarding the desire of the consumers and thoughts of experts are collected through interviewing them. It can be divided in given types;

• Opinion Survey method
• Expert Opinion
• Delphi Method
• Consumer Interview method

2. Statistical Methods

This is used for long term forecasting. Under this method, mathematical and statistical techniques are used to forecast demand. Such method is relies upon past data. It includes;

• Trent projection method
• Regression and Correlation
• Extrapolation
• Simultaneous equation method
• Barometric techniques