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Methods of forecasting - Coggle Diagram
Methods of forecasting
Quantitatives methods
Pros
- Defined aims, simple to achieve, raw materials
- to predict and forecast upcoming future
- relies on statistical model and hard data
- Variables' historical values are used to forecast their future values.
- Exponential smoothing method
- Utilising a statistical model
Cons
- Need to employ someone with strong statistical abilities, which are tough to come by and command a premium salary.
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