Different types of forecasting methods

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Reference no: EM133622825

Question

Compare and contrast the different types of forecasting methods introduced by Lilien et al. (2017). These include those that use qualitative and secondary inputs (e.g., Judgmental Methods; Market and Product Analysis Methods) and those that require firm data inputs (e.g., Time Series Methods; Regression/Econometric Methods). Which ones are more or less useful in different settings? 2. The Harz et al. (2022) introduces the idea of virtual reality for new product development and forecasting. Briefly outline how this might be helpful and under what conditions. 3. How does your organization make forecasts, be it for new products or services, etc.? Can you take anything from these readings that might help you improve these efforts?

Reference no: EM133622825

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