ENTREPRENEURSHIP

Detailed explanation-1: -The five qualitative methods of forecasting include expert’s opinion method, Delphi method, sales force composite method, survey of buyers’ expectation method, and historical analogy method.

Detailed explanation-2: -In general, qualitative forecasting is based on subjective opinions and insights, whereas quantitative forecasting is more focused on using historical demand data in statistical calculations to predict the future.

Detailed explanation-3: -Subjective forecasting: An expert provides the information based on their own experience, intuition, and opinions.

Detailed explanation-4: -What is sales forecasting? Sales forecasting is the process of estimating future revenue by predicting the amount of product or services a sales unit (which can be an individual salesperson, a sales team, or a company) will sell in the next week, month, quarter, or year.