BUSINESS FORECASTING

  • Used, to try ,to predict the future
  • Two main methods are used for business forecasting

Qualitative Method

  • seeking opinions on which to base decision making
  • consumer panels, focus group, etc.

Quantitative Method

Using statistical data to help in decision making.

  1. identifying trends
  2. Moving averages – Seasonal, cyclical, random
  3. Extrapolation- simple
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