Companies are using more external data and unstructured data in their models of forecasting and planning. In your opinion, what are the potential concerns you may have with these data?
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- Companies are using more external data and unstructured data in their models of forecasting and planning. In your opinion, what are the potential concerns you may have with these data?
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- Identify the key differences between qualitative and quantitative forecasting methods. Which is better in your opinion andwhy?Describe what are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?What is the strategic importance of forecasting for a business such as Pinkie Ice Cream ? What are the possible challenges faced by organizations that do not utilize forecasting in the planning of their operations?
- Several business periodicals often carry reports of companies that may not have met their sales and profit forecasts. What are some reasons a company might not meet its forecast? What suggestions could you make for improving the effectiveness of forecasting?Explain what are the main benefits that quantitative techniques for forecasting have over qualitative techniques? Describe what limitations do quantitative techniques have?Discuss the strategic importance of forecasting. What strategic decisions do organizations need to make in terms of forecasting? What are some examples?
