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sales forecasting Flashcards

(14 cards)

1
Q

what is sales forecasting

A

art or science of predicting the future demand by anticipating what consumers are likely to do in a given set of circumstances
- feeds into decision making

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2
Q

what is quantitative sales forecasting

A

historical data to forecast future data

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3
Q

what’s time series analysis

A

using past sales record to predict future sale patterns

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4
Q

what’s seasonal analysis

A

compares trends from different seasonal periods

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5
Q

what’s trend analysis

A

finds a general tendency of sales based on long term data
- could be rising, falling or stagnant

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6
Q

what’s cycle analysis

A

tries to find relationships between sales data and the business cycle

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7
Q

what’s random factor analysis

A

tries to explain unusual or extreme sale figures

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8
Q

what’s qualitative sales forecasting

A

predicting the future demand by anticipating that consumers are likely to do in a given set of circumstances

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9
Q

what’s qualitative sales forecasting

A

when historical data isn’t available, involve use of opinions

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10
Q

what’s brainstorming

A

subjective technique for generating new useful ideas and promoting creative thinking

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11
Q

what’s the most effective way to brainstorm

A
  • 6/12 people
  • various departments
  • different backgrounds (qualifications / experiences)
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12
Q

what’s the delphi method

A
  • researching views of panel of experts
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13
Q

advantages of delphi method

A
  • flexible: used in variety of situations
  • structured
  • leads to a better quality of responses
  • can be used when needed
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14
Q

weakness of delphi method

A
  • time consuming to coordinate and manage
  • assumes experts are willing to come to a consensus and all their views and opinions to be altered
  • ## monetary payments may lead to bias
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