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Which one of the following demand forecasting methods is NOT a survey method?
  • a)
    Delphi method
  • b)
    End-use method
  • c)
    Graphical method
  • d)
    Complete enumeration method
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Which one of the following demand forecasting methods is NOT a survey ...
The correct answer is Graphical method. 
Demand forecasting: 
  • Demand forecasting is the process of predicting future sales by using historical data to make informed business decisions about everything from inventory planning, and warehousing needs to running promotions and meeting customer expectations.
  • Demand forecasting helps the business estimate the total sales and revenue for a future period of time.
  • The predictions depend upon the past sales pattern and the continuing trend and user behavior in the present. 
Key Points
  • There are two methods in which demand forecasting can be done i.e (A) Survey Methods and (B) Statistical Methods.
  • When the demand needs to be forecasted in the short run, say a year, then the most feasible method is to ask the customers directly what are they intending to buy in the forthcoming time period.
  • Thus, under this method, potential customers are directly interviewed. This survey can be done in any of the following ways:
  • Complete Enumeration Method: Under this method, nearly all potential buyers are asked about their future purchase plans.
  • Delphi Method: In Delphi Method, an organization hires a group of external experts. Each Expert generates a forecast based on their market knowledge. After this process forecasts are shared among the experts anonymously, hence experts get influenced by each other’s forecasts. 
  • End-use Method: It is especially used for forecasting the demand for the inputs. Under this method, the final users i.e. the consuming industries and other sectors are identified. The desirable norms of consumption of the product are fixed, the targeted output levels are estimated and these norms are applied to forecast the future demand for the inputs.
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Community Answer
Which one of the following demand forecasting methods is NOT a survey ...
The correct answer is Graphical method. 
Demand forecasting: 
  • Demand forecasting is the process of predicting future sales by using historical data to make informed business decisions about everything from inventory planning, and warehousing needs to running promotions and meeting customer expectations.
  • Demand forecasting helps the business estimate the total sales and revenue for a future period of time.
  • The predictions depend upon the past sales pattern and the continuing trend and user behavior in the present. 
Key Points
  • There are two methods in which demand forecasting can be done i.e (A) Survey Methods and (B) Statistical Methods.
  • When the demand needs to be forecasted in the short run, say a year, then the most feasible method is to ask the customers directly what are they intending to buy in the forthcoming time period.
  • Thus, under this method, potential customers are directly interviewed. This survey can be done in any of the following ways:
  • Complete Enumeration Method: Under this method, nearly all potential buyers are asked about their future purchase plans.
  • Delphi Method: In Delphi Method, an organization hires a group of external experts. Each Expert generates a forecast based on their market knowledge. After this process forecasts are shared among the experts anonymously, hence experts get influenced by each other’s forecasts. 
  • End-use Method: It is especially used for forecasting the demand for the inputs. Under this method, the final users i.e. the consuming industries and other sectors are identified. The desirable norms of consumption of the product are fixed, the targeted output levels are estimated and these norms are applied to forecast the future demand for the inputs.
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Which one of the following demand forecasting methods is NOT a survey method?a)Delphi methodb)End-use methodc)Graphical methodd)Complete enumeration methodCorrect answer is option 'C'. Can you explain this answer?
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