Forecasting is the process of making predictions for the future based on past and present data and, perhaps some trend analysis. A common example might be estimating sales for a particular product line.
The problem defined
Product forecasting
Product forecasting is the science of predicting the degree of success a new product will enjoy in the marketplace. To do this, the forecasting model must take into account such things as product awareness, distribution, price, fulfilling unmet needs, and competitive alternatives.
Typical forecasting techniques include the following:
- Delphi: A group of field experts respond to a series of questionnaires
- Scenario: The forecaster generates different outcomes based on different starting...
