What are the different types of forecasts in demand forecasting?

There are three basic types—

  • Time-series analysis and projection:focuses entirely on patterns and pattern changes, and thus relies entirely on historical data.
  • Causal models:uses highly refined and specific information about relationships between system elements, and is powerful enough to take special events formally into account.
  • Qualitative techniques: uses qualitative data (expert opinion, for example) and information about special events of the kind already mentioned, and may or may not take the past into consideration.

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