. The expert’s opinion and the test marketing methods are examples of Qualitative and Quantitative methods of sales forecasting respectively. Contrast these two methods and any other three methods each of the qualitative and quantitative sales forecasting citing relevant examples in the food and beverage industry to support your answer.

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Q: Define Secondary data?

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.