Describe at least three qualitative forecasting techniques and the advantages and disadvantages of each

Basically the types of forecasting techniques used are quantitative forecasting technique and qualitative forecasting technique. The explanatory variables used by the protrusion of the historical data during the time of forecasting are the quantitative techniques. On the other hand, qualitative techniques includes of primary subjective inputs that frequently confronts specific numerical question. The three qualitative forecasting techniques are as follows: 

            Executive opinions: Executive opinions are said to be the subjective views of executives or experts from aspects such as sales, production, finance, purchasing, and administration are averaged to produce a forecast about sales in coming days. Casually, this technique is used in conjunction along few quantitative methods, such as trend extrapolation. The management team upgrades the resulting forecast, based on their assumptions. The forecasting is conducted faster and efficiently, excluding necessities of elaborate statistics. Also, the jury of executive opinions is probably the only means of forecasting feasible in the absence of adequate data.

           Delphi method: It is a considered as a group technique where a panel of experts is questioned one by one about their perceptions and thoughts of events in coming days. The experts do not get along as a group in order to deduct the chances that consensus is reached because of dominant personality factors. Instead of that, the foreseeing and accompanying arguments are summarized by an outside party and given back to the experts along with further questions. Until a consensus is obtained this is said to continue. Such method is useful and effective for long-range forecasting. This technique is brought in act by questionnaire format and abolishes the disadvantages of group think. There exists no committee or debate. The experts are not affected by peer pressure to forecast a certain way, as the answer is not presumed to be reached by consensus or unanimity.

           Consumer Surveys: There are certain companies in market which conduct their own market surveys relating specific consumer purchases. Surveys include telephone contacts, personal interviews, or questionnaires as a measure of attaining data and information. Usually extensive statistical analysis is implemented to survey results for the reason to test hypotheses relating consumer behavior.

References

Stevenson, W. (2012). Operation Management and Supply Chain (11th ed).NewYork: Tata McGraw-Hill Irwin.