ENTREPRENEURSHIP

Detailed explanation-1: -Exposes Patterns Numerical data can clearly expose patterns of spending, sales, and scheduling within the business. This type of forecasting clearly shows trends over a specific time period and whether these patterns are consistent from year to year.

Detailed explanation-2: -Quantitative forecasting allows companies to easily pinpoint trends that have been occurring previously and may continue to occur. These trends are then used to derive formulas that will help you forecast future sales. With quantitative methods, the sales forecasts that are created have clear data to support them.

Detailed explanation-3: -Advantages of quantitative forecasting:-Numerical so easy to interpret and easy to analyse for example graphs can be made.-Data can be objectively interpreted and bias is often not an issue. Disadvantages of quantitative forecasting:-May lack detail.

Detailed explanation-4: -Quantitative methods offer accurate and precise data based on past performance. Although most companies shouldn’t depend on qualitative methods as their only resource for forecasting, they can be helpful in combination with quantitative methods.

Detailed explanation-5: -Some benefits of qualitative forecasting include the flexibility to use sources other than numerical data, the ability to predict future trends and phenomena in business and the use of information from experts within a company’s industry.