Advanced Technologies,Inc. faces a forecasting dilemma. They wish to evaluate the level of sales that a new technology might enjoy in 2014. Historical data is limited and of little value since the new product is not well defined and the product concept is unique. Which forecasting approach would appear to be most appropriate?

Question

Quizplus · Accepted Answer

Since historical data is limited and the product concept is unique, the Delphi method would be the most appropriate forecasting approach. This method uses expert opinions and judgments to obtain a consensus on future sales projections. As a result, it is particularly useful when there is a lack of historical data or uncertainty surrounding the new product.