Forecasting in Engineering Management

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Engineeringforecasting.blogspot.com news digest

  • 17 years

    Qualitative Forecasting Methods: Delphi Method

    The Delphi Method
    Originally developed by the RAND Corporation in 1969 for technological forecasting, the Delphi Method is a group decision process about the likelihood that certain events will occur. Today it is also used for environmental, marketing and sales forecasting...

  • 17 years

    Quantitative Forecasting Techniques vs Qualitative Forecasting Techniques

    QUANTITATIVE TECHNIQUES :-
    Quantitative forecasting techniques are generally more objective than their qualitative counterparts. Quantitative forecasts can be time-series forecasts (i.e., a projection of the past into the future) or forecasts based on associative models (i.e....

  • 17 years

    When to use Qualitative Forecasting

    As we already know qualitative information is descriptive in nature, relating to, or involving quality or kind. It has no numerical values which we can use in certain mathematical formulae.
    We use Qualitative Forecasting :-
    - if past data cannot be used reliably to predict the future....

  • 17 years

    What is Forecasting in Engineering?

    Forecasting is a systematic effort to anticipate future events or conditions. The most well known type of forecast may be that of the meteorologist who prepares daily weather forecasts that help us decide how to dress each day and whether to take an...

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