Panel Consensus
The panel consensus method, is by bringing the internal members or experts from all level in the company together, and have a open discussion about a product or activity, any people is allowed to give their own opinions, and the meeting will end when a consensus is reached
The behoof of this method is that it involves large amount of people in forecasting process, the group forecast should be better than an individual one, and the outcome would be much more balanced, as the members are from variant aspect. Company executives’s involvement might make the forecast fit better with company’s situation, since these people make the policy. In addition, this method is relatively quick.
The drawback is that this method highly relies on experience and opinion, and with just a little resource to the fact. During the process, the top-level may affect the speech by the people from lower-level. In addition, due to the group dynamic, a strong personality person might have more affect on forecasting, these factors will introduce bias to the final forecasts. And since this is “top-down” method, the forecast will provide a overall project demand instead of each individual product. Also the cost is relatively high in terms of time and human resource. (Lancaster G and Lomas R, 1985)
In summaries, this method might be useful when company need a tactical decision or developing the overall, the forecast cannot provide a detail product by product forecast.
Copyright © 2015 | University of Warwick, Coventry | [email protected]
POWERED BY KASPAR CHEN