Discuss the three basic demand forecasting models.

Judgmental forecasting involves using judgment or intuition and is preferred in situations where there is limited or no historical data, such as with a new product introduction.  Judgmental forecasting techniques include surveys and the analog technique.  An underlying assumption of time-series forecasting is that future demand is solely dependent on past demand.  Time-series forecasting techniques include simple moving averages and weighted moving averages.  Cause and effect forecasting assumes that one or more factors are related to demand and that the relationship between cause and effect can be used to estimate future demand.  Simple regression and multiple regression are examples of cause and effect forecasting.

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