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There are many different ways of forecasting business futures. This paper will describe some examples of forecasting such as; qualitative, time series analysis, and causal. Within each of these forecasting techniques are common models which are different ways of predicting demands of supplies and services within a business.
Qualitative
Qualitative forecasting models are “subjective, judgmental and are based on estimates and opinions” (Chase, Jacobs, & Aquilano, 2005, 514). The first forecasting example will be the grass roots approach meaning the person dealing most closely with the customers is able to forecast the future needs...
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