Question

The situation is vague and little data​ exists, as in the case of new products or technologies. In this​ case, which of the following forecasting approachs is​ used? A. time series forecast B. linear regression forecast C. qualitative method D. quantitative method

Answer 1

C. qualitative method

Step-by-step explanation:

There are various forecasting approaches which are explaining below:

1. Time series forecast approach: According to this approach, the forecasting is based on historical data which help to make future estimates so that it will help to make better decisions for the organization

2. Linear regression forecast approach: According to this approach, the forecasting is based on trending values or we can say it used the quantitative values to predict the future values

3. Qualitative method approach: According to this approach, the forecasting is based on judgement given by the experts rather than the quantitative values so that better decisions could be taken which would be beneficial for the company

4. Quantitative method approach: According to this approach, the forecasting is based on the quantitative values rather than judgement given by the experts so that better decisions could be taken which would be beneficial for the company. It include the mathematical calculations

Based on the given situation, the most appropriate option is C.