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Since, the forecast methods or techniques differ from one another; the objective is to compare and contrast several forecasting methods, and how they are used by organizations to the best advantage under conditions of uncertainty.
One of the forecasting techniques typically used by organizations is the historical analogy. Chase et al. (2005), define that historical analogy "ties what is being forecast to a similar item" (p. 514). This technique is used when the company is planning to launch a new product to market. Since there is no data available for the new product, the organizations try to compensate the uncertainty by using data from product with similar characteristics...
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