Question

5. Summarize in the form of a table (a) the characteristics, (b) the strengths, and (c) the weakness for the following qualitative methods: (i) Jury of executive opinion, (ii) Delphi method, and (iii) Market survey

Answer 1

The answer to question 5:

As per your requirements, the answer is framed in the form of a table.

Method	Characteristics	Strengths	Weaknesses
The jury of executive opinion	The experts use experience and discuss different aspects to forecast. Used to predict the demand or sales for the products where past data is not available	Fast Easy Simple	Expensive as experts are needed Depends upon the expertise of the experts One person in the group of experts may dominate Susceptible to conflicts
Delphi Method	Experts get questionnaires, a summary of results and feedback based on which the experts make the forecast	Overcome the disadvantage of the jury method by eliminating the chances of a person’s domination. Cost-effective as does not require traveling	Time-consuming Selection of experts is difficult The experts may drop out in between
Market Survey	The consumers are asked about their planning of buying the products. Surveys and interviews are used	Accurate (Sometimes) Help the companies to identify consumer expectations	Time-consuming Expensive Customer opinions are optimistic and vague sometimes.