**Question 1:** What is the difference between qualitative forecasting techniques and quantitative forecasting techniques? *Points: 10*

Answered: 1-What is the difference between…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Forecasting is the process of identifying trends in order to predict future outcomes.

Forecasting is a key tool for making decisions about the future. It helps managers and businesses to plan and prepare for what might happen in the near future. Forecasting can be done on a small, medium, or large scale depending on what level of detail is required for the decision being made.

Forecasting can be done by looking at past data from similar situations, by using mathematical models to predict trends, or by using expert opinion when there isn't enough data available.