Qualitative Forecasts Definition and Explanation PDF | Download eBooks
Learn Qualitative Forecasts definition in supply chain management with explanation to study “What is Qualitative Forecasts”. Study qualitative forecasts explanation with SCM terms to review supply chain management course for online MBA programs.
Qualitative Forecasts Definition:
Forecasts that incorporate such factors as the decision maker's intuition, emotions, personal experiences, and value system.
Operations Management: Sustainability and Supply Chain Management by Jay Heizer, Barry Render, Chuck Munson
Qualitative Forecasts Explanation:
Some organizations use qualitative method which is based on the expert judgment or opinion instead of statistical data. Firms rely on the highly experienced personnel that are knowledge expertise to provide the insights into future results. It is helpful for the firm in predicting the future material shortage and to hire some other supplier because the previous year sales were increased.
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