All of the following are true about qualitative forecasting methods except a. They generally involve the use of expert judgment to develop forecasts. b. They assume the pattern of the past will continue into the future. c. They are appropriate when past data on the variable being forecast are not applicable. d. They are appropriate when past data on the variable being forecast are not available.

Question

Social Studies

Dillan Bruce

11 February, 04:04

All of the following are true about qualitative forecasting methods except a. They generally involve the use of expert judgment to develop forecasts. b. They assume the pattern of the past will continue into the future. c. They are appropriate when past data on the variable being forecast are not applicable. d. They are appropriate when past data on the variable being forecast are not available.

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Douglas Andersen · Answer 1

B. They assume the pattern of the past will continue into the future

Explanation:

Quantitative Forecasting Method is a statistical method used to make prediction about the future by using data and previous effects to predict about the future events.

These methods are based on mathematical models and are mostly objective. They depend on the mathematical calculations. Delphi method, Sales force polling and Consumer surveys are some of the methods used in Quantitative forecasting.

In all the techniques experts study the past patterns and try to predict the future on its basis, the previous pattern may or may not repeat itself.