Question

Describe and apply various quantitative forecasting methods and explain how they differ from qualitative forecasting methods.

minimum of 300 words

Answer 1

There are two main types of quantitative forcasting methods namely:

Time series method and Associative  model or casual model

Time Series have further different types like

Naïve

Simple Mean (Average)

Simple Moving Average

Weighted Moving Average

Exponential Smoothing

Quantitative Methods differ from Qualitative methods by following ways:

They are more enthusiastically to formalize into a system for estimating. Organizations utilize subjective examination to test the apparent estimation of their items or to guarantee that their administrations are conveyed in an effective way. The primary contrasts among quantitative and subjective methods lie in how information is accumulated.