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Factors to consider when selecting a forecast method is the experience of the forecaster, the amount of information available, the degree of accuracy or confidence needed from the forecast and the level of difficulty that the situation present.
Forecasting is the process of estimating or predicting future events or conditions. Forecasts may be long-term or short-term. The techniques used may be quantitative or qualitative. Quantitative forecasting models may be classified into (a) causal models in which independent variables are used to forecast dependent variables, and (b) time series models, which produce forecasts by extrapolating the historical values of the variables of interest by, eg, moving averages...
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