Qualitative Forecasting Techniques, Quantitative Forecasting Techniques


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Qualitative Forecasting Techniques
In forecasting, an approach that is based on intuitive or judgmental evaluation. It is used generally when data are scarce, not available, or no longer relevant. Common types of qualitative techniques include: personal insight, sales force estimates, panel consensus, market research, visionary forecasting, and the Delphi method. Examples include developing long-range projections and new product introduction.

Conformance to requirements or fitness for use. Quality can be defined through five principal approaches:
  1. Transcendent quality is an ideal, a condition of excellence

  2. Product-based quality is based on a product attribute

  3. User-based quality is fitness for use

  4. Manufacturing-based quality is conformance to requirements

  5. Value-based quality is the degree of excellence at an acceptable price. Also, quality has two major components:

    • quality of conformance—quality is defined by the absence of defects, and
    • quality of design—quality is measured by the degree of customer satisfaction with a product’s characteristics and features.

Quality Circle
In quality management, a small group of people who normally work as a unit and meet frequently to uncover and solve problems concerning the quality of items produced, process capability, or process control.

Quality control
The management function that attempts to ensure that the foods or services manufactured or purchased meet the product or service specifications

Quality Function Deployment (QFD)
A structured method for translating user requirements into detailed design specifications using a continual stream of ‘what-how’ matrices.
QFD links the needs of the customer (end user) with design, development, engineering, manufacturing, and service functions. It helps organizations seek out both spoken and unspoken needs, translate these into actions and designs, and focus various business functions toward achieving this common goal

Quantitative Forecasting Techniques
 An approach to forecasting where historical demand data is used to project future demand. Extrinsic and intrinsic techniques are typically used 

Quantity Based Order System
See Fixed Reorder Quantity Inventory Model

 In quality management, the setting aside of items from availability for use or sale until all required quality tests
have been performed and conformance certified









Get terms alphabetically:  A B C D E F G H I J K L M N O P Q R S T U V W X Y Z   


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