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Techniques of Forecasting

The techniques of forecasting generally fall into two categories:

1. Quantitative Forecasting:

It applies mathematical models to past and present information to predict future outcomes. These techniques are used by managers to have access to hard or quantifiable data. Some of the quantitative techniques are time series analyses, regression models and econometric models.

2. Qualitative Forecasting:

It applies when data are not available or very little data are available. Managers use judgment, intuition, and knowledge anted sill to make effective forecasts. Some of the qualitative techniques are jury of executive opinion method, sales force composite method and users’ expectation method.

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