Forecasting techniques
1. Qualitative techniques
• Based on individual judgements and
thus introduce biases, uncertainties
and inconsistencies in forecast
• These techniques are fast,
inexpensive and flexible
• Examples:
• Jury or Executive Opinion
• Sales force estimates
• Survey of Customer Intentions
• Delphi method
2. Quantitative techniques
• Based on the analysis of past data
and its trends
• These techniques use statistical
analysis and other mathematical
models to predict future events
• Examples:
• Time Series Analysis
• Economic Models
• Regression Analysis