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1. Trend projection Here data of past sales is used to project future sales. This is the simplest and most straightforward method of demand forecasting. 2. Market research This is based on data from customer surveys. Time and effort is required to prepare and send out surveys and tabulate data. 3. Sales force composite This method uses the experience of the sales team in a company. Feedback from the sales group is used to forecast customer demand. 4. Delphi method Demand forecasting experts from outside the firm are involved in this method. Several rounds of questionnaires are held which are to be responded anonymously until the group of forecasting experts comes to a consensus. 5. Econometric A mathematical formula is created to predict future customer demand. Here, statistical tools and economic theories are combined to estimate the economic variables and to forecast the intended variables.
The average cost of three chairs is Rs.16000. The average cost decrease by 20% when one more chair is included. What is the cost price of the 4th
The average age of 21 children is 30 years. 4 new children, whose average age is 15 years, join them. Find the average age of the 25 children.
The average of 25 numbers is 40. If 2 is added to each number, then the new average will be: