What is the difference between qualitative and quantitative forecasting methods? Under what circumstances is each method preferred?
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What will be an ideal response?
Qualitative methods generally involve the use of expert judgment to develop forecasts. Such methods are appropriate when historical data on the variable being forecast are either unavailable or not applicable. Quantitative forecasting methods can be used when (1) past information about the variable being forecast is available, (2) the information can be quantified, and (3) it is reasonable to assume that past is prologue (i.e., that the pattern of the past will continue into the future).
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