Problem
1. What are the main advantages of quantitative forecasting techniques over qualitative qualitative techniques? What are the limitations of quantitative techniques?
2. What factors would you consider when deciding whether to use broad or narrow control limits for a forecast?
3. What factors would you consider when deciding whether to use wide or narrow control limits for a forecast?
4. List the weaknesses of the following approaches to developing a forecast:
a. Consumer surveys
b. Management committee opinion
5. Why is the moving average technique difficult to use for long-term forecasting?
a. long-term forecasting.
6. List and comment on the company functions or individuals involved in determining forecasts.