Forecasting. Research Methods and Design

Forecasting is a technique of predicting the future based on the results of previous data.

It involves a detailed analysis of past and present trends or events to predict future events.

It uses statistical tools and techniques.

Therefore, it is also called Statistical analysis.

In other words, we can say that forecasting acts as a planning tool that helps enterprises to get ready for the uncertainty that can occur in the future.

Quantitative Methods - Forecasting future data as a result of historical data is done using quantitative forecasting method. If historical numerical evidence is available and it is fair to conclude that any of the characteristics in the data will persist into the future, they are suitable to use.

Qualitative Methods - Where historical evidence is unavailable, qualitative forecasting techniques are used to forecast. They are subjective, based on the opinion and judgement of consumers and experts. They are typically used to make moderate or long-term decisions.

A Pattern is a combination of elements that are repeated. Rhythm involves using intervals or spaces between elements to give the user an impression of rhythm or movement.

Forecasting

Table of Contents

•Introduction to Forecasting

•The Opacity of the Future

•Time

•Time Sequence Pattern

•Rhythms and Patterns

•The Cycles of the Sun

•The Moon, a Forecasting Instrument

•Measurement and Scales

•Correlation

•Qualitative and Quantitative Forecasting Methods

•Time Series Forecasting Models

•Regression Analysis

•Forecasting and Planning

•Calculus based Forecasting

Factor Analysis in Predicting the Future