2.1 FORECASTING Flashcards
1
Q
WHAT IS FORCASTING?
A
Forecasting is the process of using past events to make systematic prediction about the future
2
Q
FORECASTING TECHNIQUES?
A
- QUALITATIVE TECHNIQUE
2. QUANTITATIVE TECHNIQUE
3
Q
WHAT ARE THE QUALITATIVE TECHNIQUES?
A
- HUNCHES & INTUITION
- COLLECTIVE OPINION
a) BRAINSTORMING
b) DELPHI TECHNIQUE
c) SCENARIO CONSTRUCTION
4
Q
WHAT ARE THHE QUANTITATIVE TECHNIQUES?
A
- TIME SERIES ANALYSIS
- STATISTICAL TECHNIQUES
- RELEVANCE TREE METHOD
- HISTORICAL PERSPECTIVE
