Qualitative and quantitative approaches to forecasting

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Reference no: EM132219234

1. Explain the difference between qualitative and quantitative approaches to forecasting.

2. Describe three (3) qualitative methods used in forecasting.

3. Given the following data of demand for shopping carts at a leading supermarket. Prepare a forecast for period 6 using each of the following approaches: Period 1 2 3 4 5 Demand 60 65 55 58 64

a. A three-period moving average.

b. A weighted average using weights of .50 (most recent), .20 and .30.

c. Exponential smoothing with a smoothing constant of .40.

Reference no: EM132219234

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