Forecasting Methods

Forecasting methods are techniques used to predict future events or trends based on historical data and patterns. Common approaches include qualitative methods, such as expert opinions and market research, where human insights guide predictions, and quantitative methods, which use mathematical models and statistical analysis to analyze past data and make informed projections. These methods help businesses, governments, and organizations plan for the future, optimize resources, and make strategic decisions. By combining various techniques, forecasters aim to improve the accuracy of their predictions and better understand potential outcomes.