BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The expert’s opinions method is used when the organization wants the forecast to be more accurate and which holds true for the entire industry. This is only possible through the group of experts who have the complete information on the overall economic environment and the conditions prevailing in the industry.

Detailed explanation-2: -5] Expert Opinion Method Under this method, experts are given a series of carefully designed questionnaires and are asked to forecast the demand. They are also required to give the suitable reasons. The opinions are shared with the experts to arrive at a conclusion. This is a fast and cheap technique.

Detailed explanation-3: -Exploratory research is one of the main types of general and survey research. It works to investigate an issue, occurrence or phenomenon that is not clearly defined. The most preliminary form of research, exploratory precedes descriptive research, another early survey research campaign.

Detailed explanation-4: -secondary research-such as reviewing available literature and/or data. informal qualitative approaches, such as discussions with consumers, employees, management or competitors. formal qualitative research through in-depth interviews, focus groups, projective methods, case studies or pilot studies.