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Forecasting plays a crucial role in today's uncertain global marketplace. Forecasting is traditionally either qualitative or quantitative, with each offering specific advantages and disadvantages.
Qualitative and Quantitative Forecasting Techniques
Forecasting can be classified into qualitative and quantitative. Qualitative techniques are subjective or judgmental and are based on estimates and opinions. The Delphi technique, a common form of qualitative forecasting, allows experts to create an effective forecast under conditions of extreme uncertainty. Time's series forecasting, a quantitative technique, uses a statistical analysis of past sales in order to effectively predict future outcomes, but can be limited under conditions of uncertainty (Chase, 2003, p...
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