The three categories of forecasting models are qualitative, __________ and _____

Question

The three categories of forecasting models are qualitative, __________ and ___________.

TIME SERIES models attempt to predict the future by using _____________ data.

Time series methods include _________, __________, __________, and __________.

Qualitative models include _________, __________, __________, and __________.

A company interested in design and planning for new projects would most likely start with a ____________________ forecasting model.

A company that has a considerable amount of sales data going back to 2009 would be best suited to use a __________________________ model.

Explanation / Answer

There are three categories of forecasting model. They are:

Quantitative model is based on data and numbers and do a time series analysis. There are several other method as well in the quantitative model category. These are regression analysis, moving average, exponential model etc.

Qualitative model is based on the judgement. This judgement is sometimes based on some intuition and sometimes based on some logic and facts.

Associative model is based on both quantitative and qualitative forecasts. It finds variables to establish relationship between and make forecasting on the basis of the same.

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