Question

Identify some business applications in which judgmental forecasting techniques such as historical analogy and the Delphi method would be useful Select all that apply Identify some business applications in which judgmental forecasting techniques such as historical analogy and the Delphi method would be useful Select all that apply

Answer 1

Examples showing the usefulness of judgmental forecasting are shown below:

ANSWER:

• An investment firm that trades futures analyzes a variety of economic indicators prior to the global financial crisis of 2008 in order to make predictions about when another significant economic downturn will occur.
• The CEO of a self-driving car startup would like to study the potential pace of future development of artificial intelligence.
• A polling company is looking to survey the opinions of political pundits to make predictions about the long-term ramifications of a partisan political climate

Additional Information:

A few examples in which judgmental estimating methods is if an item is as of now being soldin a specific topographical area, and the organization needs to acquaint the item with another area. The Delphi method could be utilized to decide how an industry may passage later on. A board of specialists would exclusively give their sentiments about the business. Additionally, specialists could utilize the Delphi method to decide a brands worth. Managerial conclusions could be utilized to decide the brands future quality in the market.

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