Asked by Kristen Phelps on Jun 24, 2024
Verified
The two general approaches to forecasting are
A) qualitative and quantitative.
B) mathematical and statistical.
C) judgmental and qualitative.
D) historical and associative.
E) judgmental and associative.
Qualitative
Qualitative refers to descriptions or distinctions based on qualities rather than quantities, often used in research to assess non-numerical data.
Quantitative
Pertaining to data or research that deals with quantities, numbers, and statistical analysis, rather than interpretations or qualitative judgments.
Associative
Related to or involving the combination or co-occurrence of elements or items within a group or category.
- Understand the difference between qualitative and quantitative forecasting methods.
Verified Answer
Learning Objectives
- Understand the difference between qualitative and quantitative forecasting methods.
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