Differentiate Between Qualitative and Quantitative Methods in Forecasting


i) Differentiate between qualitative and quantitative methods in forecasting. Give an example situation for each method. 11) A new manufacturing company would like to set up a new factory in Gebeng Industrial Estate. Their main product is based on tooling engineering. The managing director has ordered their team to perform feasibility study including future market prospect. Therefore, this company has appointed you to assist them in forecasting. They want to know the market prospects in Gebeng and nearby. how market survey could be applied in this situation? 111) When is the suitable time to apply large a in exponential smoothing forecasting? vi) Industrial revolution 4.0 has played big role in the manufacturing environment. One of IR 4.0 elements is big data which has influenced the effectiveness of forecasting in manufacturing and services. The advantage of this technology could enhance the compilation and generation of structured and unstructured data. This technology could establish forecasting for total demand with a single approach, allowing modeling for direct impacts and interactions between the features. In addition to typical seasonality, holiday, traffic and various promotion incentives modeling, demand forecasting can also be enhanced by incorporating additional data feeds like demographics, weather, product images, etc. Discuss how this technology could improve the forecasting accuracy.

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