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The two general approaches are qualitative and quantitative.
What is Forecasting?
Forecasting is a technique that uses past data as inputs to make future predictions by determining the direction of trends in the future.
What is Qualitative forecasting?
It is an estimation methodology that uses judgment, other than numerical analysis. This type of forecasting depends upon the knowledge of most experienced employees and consultants to provide predictions for future outcomes.
What is Quantitative forecasting?
It is a data-based math process that teams use to understand performance and predict future based revenue on the data and the patterns. Forecasting results gives businesses the ability to make informed decisions on strategies and processes to ensure continuous success
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