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Forecasting is the technique of developing the business plans that reduce the uncertainty of the future. In the forecasting, most of the managers want that the demand and the supply should be equal. And for this is essential to forecast the supply and the demanded space in the market. In the forecasting, there are two important aspects of the forecast that is the expected level of the demand the degree of accuracy that is forecasted. And other than this there are two general approaches to forecasting and these are qualitative and the quantitative. Contact us now for Forecasting Homework Help. In forecasting, three type of the technique is used that is given below.
a) Judgmental forecasts,
b) Time-series forecasts, and
c) Associative models.
1. Judgmental forecasts
The first technique that is known as the judgemental forecasting, this work on the subjective inputs from the various sources. This is more useful when a forecasting is done in the short period of the time, and when the data is out-dated, unavailable, or in other words there is a limited time to collect it.
2. Time-series forecasts
Second forecasting technique is the time series forecasting, this is used when we want to identify the specific patterns in the data, observations and then used it for the future forecasting. In this, the data is taken in the regular time interval.
3. Associative models
Associative model is based on the equation that tells the effect of the predictor variable. This is used to identify the variable so that we can predict the necessary forecast. And this model is important when we calculate the forecast error. Here we calculate error like ERROR= ACTUAL – FORECAST
Qualitative forecasting is the subjective forecasting and quantitative forecasting involves the historical data of the organization. The first type that is judgemental forecast is the qualitative and another two are quantitative.