Demand Forecasting in Economics [MBA case study]

Managers often resort to tools that will help them predict the future to some extent. Business forecasting is an essential component of corporate planning as it enables the organization to minimize risk and uncertainty. Demand forecasting is a specific type of business forecasting.

Demand forecasting helps organizations reduce risks involved in business activities and make important business decisions. It also provides an insight into the organization’s capital investment and expansion decisions.

Demand forecasting is not a speculative exercise into the unknown. It is essentially a reasonable judgement of future probabilities of the market events based on scientific background. Explain the statement by elaborating different qualitative and quantitative methods of demand forecasting. Which of the methods described by you is most suitable for forecasting the demand for “expensive mobile” and why?

Management (MBA) questions, study/assignments on Demand forecasting .

Q. Demand forecasting is not a speculative exercise into the unknown. It is essentially a reasonable judgement of future probabilities of the market events based on scientific background. Explain the statement by elaborating different qualitative and quantitative methods of demand forecasting.

Q. What is Demand forecasting? Explain different qualitative methods of demand forecasting. State which of the methods described is most suitable for forecasting the demand for “newspaper” and why?

Q. Kiara Enterprises is a very small organisation dealing with export rejected clothing. They are growing slowly but steadily. Kiara, the owner now wants to expand it a bit more and hence opts for Human Resource planning. It is advised to them to go for qualitative methods for demand forecasting as they have limited funds. Discuss all three qualitative methods of demand forecasting. Conclude by suggesting the best method suited for Kiara’s organisation.

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