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Discussion 2 – There are many ways to approach business forecasting

Discussion 2 – QMB

Please watch the video below and answer the following questions:

There are many ways to approach business forecasting. For example, there are both qualitative and quantitative methods. Some forecasts are based on highly sophisticated statistical methods; some are based on experience and examine past precedent, while others just follow a gut feeling.

The selection of a method depends on many factors such as the context of the forecast, the relevance and availability of historical data, the degree of desirable accuracy, and others.

After watching the TEDTalks video, should the executives have considered qualitative methods, quantitative method or both in the decisions. Please be specific.
What did you learn in this video that can apply to your professional life?

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