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Types of Forecasting

Composite Forecasts
Composite Forecasts

Definition of composite forecasting This function combines forecasts from alternative forecasting methods (such as times series, causal, and/or judgmental) for a particular brand, product family or product. Each forecast is based on the same historical data but uses a different technique.

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Cooke's Method
Cooke's Method

Qualitative vs. quantitative methods Edit. Qualitative forecasting techniques are subjective, based on the opinion and judgment of consumers and experts; they are appropriate when past data are not available.

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Delphi Method
Delphi Method

The Delphi method is a forecasting method based on the results of questionnaires sent to a panel of experts. Several rounds of questionnaires are sent out, and the anonymous responses are aggregated and shared with the group after each round.

Forecast by Analogy
Forecast by Analogy

Forecast by analogy is a forecasting method that assumes that two different kinds of phenomena share the same model of behaviour. For example, one way to predict the sales of a new product is to choose an existing product which "looks like" the new product in terms of the expected demand pattern for sales of the product.

Scenario Building
Scenario Building

Three scenarios run the danger that people will try to pick the most moderate or most apparently plausible and forget about the other two. Four is a good number — neither too many nor too few. Each scenario should contain enough detail to assess the likelihood of success or failure of different strategic options.

source: forbes.com
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Statistical Surveys
Statistical Surveys

Statistical methods are complex set of methods of demand forecasting. These methods are used to forecast demand in the long term. In this method, demand is forecasted on the basis of historical data and cross-sectional data.

Technology Forecasting
Technology Forecasting

Technology Foresight is a combination of creative thinking, expert views and alternative scenarios to make a contribution to strategic planning. The future is almost by definition unknown, but in both forecasting and foresight activities the judgements or opinions of experts are used.

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