Combining subjective and objective forecasts improve results
Article Abstract:
Several methods for combining quantitative forecasts with qualitative impact forecasts are outlined. Improved forecasting results are obtained when judgment-based management forecasts are merged with quantitative forecasts. Delfield Company, a food service equipment maker, is used as a vehicle to illustrate the suggested forecasting methods. The firm employs a production planning method made up of a master production schedule and a material requirements planning system.
Publication Name: Journal of Business Forecasting
Subject: Business, general
ISSN: 0278-6087
Year: 1992
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Predicting the sales of different refrigerator models
Article Abstract:
The process of developing a model for sales forecasts for a manufacturer of six different production models of a 21-cubic-ft. refrigerator is described. To minimize forecasting errors from reliance on subjective methods, the new model was based on the quantification of the effects of changing levels of promotion on sales performance.
Publication Name: Journal of Business Forecasting
Subject: Business, general
ISSN: 0278-6087
Year: 1995
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How to improve the realism of forecast error
Article Abstract:
The use of the extended tail curve pattern is proposed to improve range forecasts. The method is useful when forecast errors do not follow the normal bell curve dispersion pattern. Examples of the use of the extended tail curve pattern in inventory management and in anticipating service times are presented.
Publication Name: Journal of Business Forecasting
Subject: Business, general
ISSN: 0278-6087
Year: 1995
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- Abstracts: The changing role of forecasting in a competitive environment. Non-technical forecasting issues generic and health insurance
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