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Describe What an "Expert" Demand Forecast Is and List Five

question 102

Essay

Describe what an "expert" demand forecast is and list five different types of experts who could be involved.Identify and describe two different types of expert forecasting methods.


Definitions:

SST

Total Sum of Squares, an overall measure of the variation within a dataset relative to a mean value.

Least Squares Estimate

A method of estimating the parameters in a statistical model by minimizing the sum of squared differences between observed and predicted values.

Slope

The measure of the steepness or incline of a line, often calculated as rise over run in the coordinate plane.

Dependent Variable

A variable in an experiment or study whose changes are determined by the presence or variation of one or more independent variables.

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