Question

In trying to forecast demand for a new product, an ideal situation would be one where an existing product or generic product could be used as a:_________

Answer 1

A qualitative technique in forecasting historical analogy in trying to forecast demand for a new product, an ideal situation would be where an existing product or generic product could be used as a model.

More about historical analogy:

The historical analogy method, which may be accurate and affordable, primarily estimates the demand for a new product. In order to create the greatest fit forecast, it starts with forecasts and historical data of any comparable or pertinent existing products.

A forecasting technique known as forecast by analogy makes the assumption that two distinct types of phenomena would behave similarly.

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