Forecasting Method In The Context Of Management Science

p [Title][Student Name][Course Name][Instructor Name][Date]Forecasting MethodForecasting is a way to predict what will blow over in future . Forecasting is a statistical putz use to forecast future values on the rear of the past data . It can be napve or causative forecasting where former gives just the value but the latter(prenominal) gives reasons along tooThree Major Type of Forecasting MethodForecasting methods can be qualified into the following twoQualitative forecasting - instaurationd on judgments of separate or group and is not based on historic dataQuantitative forecasting - uses significant amount historical data to base prediction on .

It can beNapve forecasting - it projects past data into future with having a reason to future trendsCausal forecasting - it explains the operating(a) relationship between dependent variable and the variable /s to be accounted for the changeThere argon six forecasting methods , out of which , the gauze-like /highlighted ones will be discussedExpert OpinionOpinion Polls and Market ResearchSurveys of Spending PlansEconomic IndicatorsProjectionsEconometric ModelEconomic Indicators - it is to warm businesses about the change in economic conditions . It includesLeading indicators - which are cross economic series like stock prices , wholesale prices and others that go up and down before the GDP doesCoincident series - are employment , industrial production and others that go up or down with the GDPLagging Indicators - variables like retail sales , personal income and others that go down after peak and up after gutter . This confirms that the economic event like recession...If you want to get a full essay, order it on our website: Orderessay

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