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Based upon the forecast , the firm can estimate the share of market.
Methods Of Forecasting
Forecasti ng Methods Statistical Method Time Series Barome tric Techniq ue Regressi on & Correlati on
Survey Metho ds
Opinion Survey Expert Opinion Delphi Method Consumers Interview Method
Exponential Smoothing
Survey Method
Information about the desire of the consumer & opinion of experts are collected by interviewing them. Opinion Survey Method : Also known as sales force-composite method or collective opinion Method.
Expert Opinion
Apart fro salesmen & consumers , distributors or outside consultants may also be used for forecasting. Firms in advanced countries make use of outside experts for estimating future demand. Various public & private agencies sell periodic forecasts of short or long term business conditions.
Demerits :
Opinions are subjective & hence not satisfactory. Good & bad estimates are given equal weights.
Delphi Method
A variant of the survey method is Delphi method.
Sophisticated statistical method to arrive at a consensus. A panel is selected to give suggestions to solve the problems in hand. Both Internal & External experts can be the members of the panel. Panel members are kept apart from each other & express their views in an anonymous manner. There is also a coordinator who acts as an intermediary among the panelists.
Complete Enumeration Method : All the consumers of the product are interviewed based on
which forecast is made. As first hand information is collected this method is free from bias. This method is impracticable as the consumers are numerous & scattered.
End-Use Method : The demand for the product from different sectors such as industries , consumers , export & Import are found out. Data helps in changing the future course of demand. Industries should provide their production plans & input output coefficients.
Statistical Methods.