ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Quantitative
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Status Quo
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Qualitative
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Survey
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Detailed explanation-1: -The three primary approaches used in qualitative forecasting are the expert opinion approach, the Delphi method, and the market survey approach. The expert opinion approach is simple and easy to implement.
Detailed explanation-2: -Quantitative analysis might reveal a change in sales last year, but qualitative forecasting might reveal why. This context might better inform your business decisions and strengthen your understanding of market behavior.
Detailed explanation-3: -Quantitative methods of forecasting are an essential tool used by businesses to make informed decisions about the future. Time-series analysis, regression analysis, and econometric modeling are some of the quantitative methods used for forecasting.