Asked by Charles Burns on Jun 22, 2024
Verified
Briefly describe the method of historical analogy used in forecasting.
Historical Analogy
Historical Analogy involves using historical events as a reference to understand and predict future or current events, based on assumed similarities.
Forecasting
The process of making predictions about future events based on historical and current data using statistical methods and analysis.
- Learn the method of historical analogy and its relevance in forecasting.
Verified Answer
SD
Sahily D'OttoneJun 23, 2024
Final Answer :
In historical analogy,a forecast is obtained through a comparative analysis with a previous situation.For example,if a new product is being introduced,the response of similar previous products to marketing campaigns can be used as a basis to predict how the new marketing campaign might fare.
Learning Objectives
- Learn the method of historical analogy and its relevance in forecasting.
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