Forecasting is a technique of predicting the future based on the results of previous data . It involves a detailed analysis of past and present trends or events to predict future events. It uses statistical tools and techniques. Therefore, it is also called Statistical analysis.
Read moreWhat are the main two techniques of forecasting?
There are two types of forecasting methods: qualitative and quantitative . Each type has different uses so it’s important to pick the one that that will help you meet your goals. And understanding all the techniques available will help you select the one that will yield the most useful data for your company.
Read moreWhat are the types of forecasting technique?
Top Four Types of Forecasting Methods
Read moreWhat is the most used forecasting technique?
The Delphi method is very commonly used in forecasting. A panel of experts is questioned about a situation, and based on their written opinions, analysis is done to come up with a forecast.
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