Forecasting Techniques

Forecasting techniques are methods used to predict future events or trends based on historical data and analysis. Common techniques include qualitative approaches, like expert opinions and market research, which rely on subjective judgment; and quantitative methods, such as statistical analysis and mathematical models, which use numerical data and historical patterns. These techniques help businesses, government, and individuals make informed decisions by anticipating future developments, whether in sales, weather, or economic trends. Each method has its strengths and weaknesses, and often a combination of techniques is used to improve accuracy.