Quantitative and qualitative methods for forecasting sales, Applied Statistics

OmegaPlus Pty.Ltd. is a chain of Health Food stores operating in Australia: with 12 stores across Sydney, Melbourne and Brisbane. OmegaPlus has recently appointed a new CEO: Sandy Smith, who is open to the idea of quantitative forecasting methods, and is aware that various data have been collected for about 5 years now. However, quantitative forecasting has not been used at OmegaPlus before, mainly due to resistance by the Sales Manager: Dave Chen. Dave prefers talking to the shop owners and sales staff across the states to help assess trends and then forms 'consensus' forecasts from these discussions. The main quantity that requires forecasting at OmegaPlus is sales revenue.

(i) List 3 important issues that must be discussed and decided upon BEFORE Sandy chooses between her favoured quantitative method and Dave Chen's qualitative method for forecasting sales at OmegaPlus. Briefly explain why each issue is important to consider at this initial stage.  

(ii) List 3 issues (AT MOST 1 can be the same as the 3 in part (i)) that would help OmegaPlus decide between quantitative and qualitative methods for forecasting sales. Explain why and how each issue will help to allow a decision between the two types of method in this case.

Posted Date: 3/1/2013 2:05:38 AM | Location : United States







Related Discussions:- Quantitative and qualitative methods for forecasting sales, Assignment Help, Ask Question on Quantitative and qualitative methods for forecasting sales, Get Answer, Expert's Help, Quantitative and qualitative methods for forecasting sales Discussions

Write discussion on Quantitative and qualitative methods for forecasting sales
Your posts are moderated
Related Questions
Framing of Questionnaire: Questionnaire is a schedule of questions which is sent to the respondents for filling in by them in their own handwriting together the information rel

Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0

JAR 21 SUPPLEMENTAL TYPE CERTIFICATION JAR 21 Part E introduces the need for Supplemental Type Certification when a manufacturer wishes to make major changes to the Type Desig

Sampling Error  It is the difference between the value of the actual population parameter and the sample statistic. Samples are used to arrive at conclusions regarding the p


These techniques are applied when the rows and the columns of the data table represent the same units and when the measure is a disiance or a similarity. The goal of the analysis i

construction of control chart,n chart

You are going to purchase a part from a specialty vendor.  Your company needs a C p of at least 1.67 on a critical dimension of the part.  The dimensional specification for this p

Correspondence analysis is an exploratory technique used to analyze simple two-way and multi-way tables containing measures of correspondence between the rows and colulnns of an

the two regrassion line will pass through the point (x,y)