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Quantitative Forecasting Explained

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Explain what makes quantitative forecasting methods appropriate.

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Solution Summary

This solution contains over 300 words of text. It consists of factors to look for when deciding whether it is appropriate to use quantitative forecasting along with details explaining why. It also defines in detail the types of quantitative forecasting including an explanation of procedural methods used and assumptions made.

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Quantitative forecasting methods or objective analysis are appropriate when sufficient and relevant numerical data from the past is available. Using quantitative methods is appropriate in these cases because these methods make more efficient use of this data than qualitative methods.

In general, quantitative forecasting is more objective and consistent. This results in a less biased forecast because it is based on the numbers, and not influenced by group thinking.

Types of quantitative forecasting include times ...

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