Case Study Of The Delphi Method Of Forecasting

Forecasting had become one of my favorite topic. Forecasting is having been a very useful tool for many companies and by definition, it is look back at records and data to establish a trend to help with budgeting, a particular period of sales or anticipated expense. Either way it is used to analyze if events they set out to do will affect the business in a positive or negative way.

I will focus on the qualitative focus, Delphi method of forecasting because it is widely acceptable and used by a lot of companies. This method of forecasting is done by anonymously giving surveys in an organization to gather information to report specific marketing and supply chain issues. This method can give companies some great results that probably was oversighted and was able to fix because of this method.

From my understanding, the Delphi method can tell if a project is going the way it is supposed to, how the process is going and if not why not. Furthermore, it also tells what are the issues that members don’t know about and what needs to be address. People tend to be more honest and forthcoming when surveys are anonymous and this yield a more meaning ad accurate response. This ultimately goal of the survey is to get more efficient and direct reports.

The best time to put the Delphi method to used is when a project is going the

According to (Russel 2014), The main reason is holding inventories of finished goods to meet customer demand for a product, especially in a retail operation (Russel, 2014). In the supply chain collaborative relation is very important and it is a must to manage vendors and customers relationship. From the semester, I have learned that because of good relationship the reason why product flow smoothly is because of storage and inventory management. Inventory is a predominant part of the supply chain and most time because of inventory, purchase and transfers determines management