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Quantitative method of forecasting uses numerical facts and historical data to predict upcoming events. The two main types of quantitative forecasting used by business analysts are the explanatory method that attempts to correlate two or more variables and the time series method that uses past trends to make forecasts.
Qualitative method of forecasting is often employed where the key trends or developments are hard to capture or where such data is not available. In such a case business analysts used subjective information such as intuition or informed opinion for forecasting the future results. This type of forecast is essential for new products where no historical information is available and primarily used for medium & long term planning. Qualitative techniques include the use of information gathered from Expert opinion, Market research, Focus groups, Historical analogy, Delphi method and Panel consensus.
Qualitative Method of Forecasting come from the experience and instincts of seasoned business experts. These forecasting techniques are not just guesses; they include interpretation of data combined with professional expertise developed during years on the job. For example, a company wanting qualitative information for projecting sales for the year might estimate the impact of a new ad campaign or promotion the company is planning, look at the effects that new technologies might have on consumer purchasing and take into account recent social fads and trends. A business might forecast demand by holding focus groups of customers to discuss and gauge their reactions to several new product features the company is considering.
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Quantitative methods rely on forecasting Basically on the quantity or numerical data and the use of various statistical methods to analyze these data and realize the objectives of forecasting .. The qualitative methods are Basically based on personal referee and experience in the various information on the topic of forecasting analysis
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