Forecasting Forecasting is important relative to capacity requirements planning. What are some of the merits of using judgment methods (i.e., qualitative data) in contrast to quantitative forecasting methods. Which methods are considered to be superior or more accurate, and in what forecast situations would require judgment methods? In what situations would require a quantitative approach to forecasting?

Forecasting Forecasting is important relative to capacity requirements planning. What are some of the merits of using judgment methods (i.e., qualitative data) in contrast to quantitative forecasting methods. Which methods are considered to be superior or more accurate, and in what forecast situations would require judgment methods? In what situations would require a quantitative approach to forecasting?

Question
Forecasting
Forecasting is important relative to capacity requirements planning.
What are some of the merits of using judgment methods (i.e., qualitative data) in contrast to quantitative forecasting methods.
Which methods are considered to be superior or more accurate, and in what forecast situations would require judgment methods?
In what situations would require a quantitative approach to forecasting?

Answers (1)

2021-02-01
Step 1
Qualitative data forecasting techniques mainly describes the characteristics and qualities of the data. The main source of collecting the data is through feedback, interviews, questionnaire, and observations. Qualitative techniques refer to the processes which are used to make predictions about the future and do require expert judgment instead of numerical methods. Qualitative forecasting technique is based on the opinions and ideas of highly qualified and experienced professionals to forecast future results.
Step 2
Quantitative data is used when the researcher has to struggle with the quantity problem. Quantitative data are countable in nature and can be measured through scale and other instruments. Statistical Package for Social Science (SPSS), statistical analysis software is used to analyze the quantitative data.
The merits of Qualitative data over the Quantitative data will be analyzed through the following points.
Enriching
It became easier to find issues in data using the qualitative data approach rather than a quantitative approach.
Examining
Data and information generated from qualitative research can be tested using the quantitative approach.
Explaining
Qualitative data is more efficient and reliable to better understand the unpredictable results from the quantitative data as compared to the quantitative forecasting techniques.
Apart from the above merits, other merits of the qualitative forecasting techniques over quantitative techniques are, organizations can easily understand the customer’s buying behavior, customer demand, and other useful information, which is mandatory in capacity requirement planning, and that will be capable enough to fulfill the user’s requirements.
Step 3
Quantitative forecasting techniques are more accurate and superior in nature because organizations need to estimate their business activities in numbers so that the management teams can discuss the strategies, plans, and policies with the top-level management in the form of numbers. Quantitative forecasting techniques will provide the numerical form to analyze the data.
A qualitative approach is most favorable in the circumstances where it is suspected that the future outcomes will depart distinctly from the outcome in the past period, and which cannot be predicted by using the Quantitative approach. When data is unavailable, and if the data is available but not relevant then in this situation the qualitative forecasting method is used.
Quantitative techniques are the statistical techniques that required mathematical calculations to make future predictions. This method is applied when,
Numerical data of the past is available.
The assumptions that some aspects of the past will use in the future are made.
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