What is the qualitative forecasting method which utilizes individuals familiar with specific market segments

build-up forecast

Explanation:

A demand forecast or production forecast in the manufacturing field consists in predicting future events associated with the product or service we offer. In this case we think in the future to estimate how much we are going to sell, which will allow us to develop sales projections.

Other more general definitions place the forecast as an estimation process in situations of uncertainty.

We seek to estimate demand choose the best method to reduce uncertainty in our decisions.

The long and medium term production forecasting methods handle more general aspects, since they make administrative decisions that impact on planning, products, plants and processes. Short-term forecasts are usually more accurate than long-term ones, since the factors that influence demand constantly change and as the forecast timeline expands, its accuracy will be more likely to be affected.

What if the demand was not forecast? Well, it would have negative consequences. For example, since the demand is not predicted, it will be necessary to hire and fire staff without prior notice, this for the field of human resources. It impacts capacity, which can lead to loss of customers or market share. The supply chain is also touched, as not forecasting causes an increase in the price of materials and supplies because the orders with the supplier are not defined.

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