Financial forcasting

1. Identify two business situations where the Delphi method might be used to generate forecasts. Can you think of any difficulties and pitfalls associated with using the Delphi method?

2. As a tool, simulation carries a certain amount of credibility with management. It is relatively easy to explain to management the efforts involved in a simulation study

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Write a short response to each of the following assertions:

a. Forecasts are always wrong, so why place any emphasis on demand planning?

b. A good forecasting process is too expensive. c. All we need to do is hire a “quantitative type” to do our forecasting.

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