ENTREPRENEURSHIP

Detailed explanation-1: –Qualitative methods consist mainly of subjective inputs, which often defy precise numerical description. Quantitative methods involve either the projection of historical data or the development of associative models that attempt to utilize causal variables to make a forecast.

Detailed explanation-2: -Judgmental: This type of forecast uses subjective inputs. This includes the Delphi method wherein subject matter experts predict trends based on their knowledge and experience.

Detailed explanation-3: -Qualitative forecasting methods are subjective, based on the opinion and the judgment of consumers and experts; they are only appropriate when past data is not available. Examples of qualitative forecasting methods are, for instance, Informed opinion and judgment, Delphi method and Market research.

Detailed explanation-4: -Subjective forecasting allows forecasters to predict outcomes based on their subjective thoughts and feelings. Subjective forecasting uses brainstorming sessions to generate ideas and to solve problems casually, free from criticism and peer pressure.