Discuss the different types of forecasts to include time-series, causal, and qualitative models. When might a researcher or project manager utilize exponential smoothing? What benefit does a Delphi technique provide when working with qualitative-based decision making?
Forecasting, a term used to define the process of ensuring that the statements whose actual events and outcomes have not been observed is used to predict what the future looks like in terms of value estimates. There are different types of forecasts which can include casual, time series, and qualitative models. The various models available include time series models, causal models, and qualitative models.
There are eight steps which have to be carried out by a research or a forecaster to ensure that forecasting is carried out as anticipated. This involves the determination of the use of the forecast, selection of the quantities which are to be forecasted, determination of the time limit in which the forecast is to be carried out, identifying the relevant model of forecasting, gathering the required data to carry out the forecast, forecast model validation, making the forecast, and implementing the results (Forecasting, n.d).
Types of Forecasting:
The different types of forecasting techniques are examined.