Forecasting Approaches

• Used when situation is ‘stable’ & historical data exist

  • Existing products
  • Current technology

• Involve mathematical techniques

• e.g., forecasting sales of color televisions

Quantitative Methods

• Used when situation is vague & little data exist

  • New products
  • New technology

• Involve intuition, experience

• e.g., forecasting sales on Internet

Qualitative Methods

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