Customer Survey is which forecasting model?

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Study for the Taitt Supply Chain Management Exam 1. Utilize flashcards and multiple choice questions, each with hints and explanations. Prepare thoroughly for your exam!

Multiple Choice

Customer Survey is which forecasting model?

Explanation:
Forecasting methods can be qualitative or quantitative. A customer survey falls into qualitative forecasting because it relies on opinions, preferences, and judgments from customers rather than on numerical historical data patterns or statistical models. Time-series forecasting needs data points collected over time to identify trends and seasonality, while causal forecasting links demand to external factors through statistical relationships. Even if a survey collects numeric ratings, the core use is to gauge sentiment and intent for judgment-based forecasting, so it’s classified as qualitative.

Forecasting methods can be qualitative or quantitative. A customer survey falls into qualitative forecasting because it relies on opinions, preferences, and judgments from customers rather than on numerical historical data patterns or statistical models. Time-series forecasting needs data points collected over time to identify trends and seasonality, while causal forecasting links demand to external factors through statistical relationships. Even if a survey collects numeric ratings, the core use is to gauge sentiment and intent for judgment-based forecasting, so it’s classified as qualitative.

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