There are 2 general approaches to forecasting: Qualitative Forecasting and Quantitative Forecasting. Thoroughly define each. Give an example in detail of how an organization (name an organization of your choosing) would measure the performance of a department or product, based on quantitative forecasting: then qualitative forecasting for the same organization or product.

For example: I as a manager, wanted to forecast the sale of a product, for production, for the upcoming weeks. One method, I would skillfully turn to management, workers, and customers to predict what is needed for the future. The other method, I would look at the sales for the same product for the previous months, and make a recommendation/ decision on the future need for that product.

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