ENTREPRENEURSHIP

Detailed explanation-1: -Qualitative forecasting is a method of making predictions about a company’s finances that uses judgment from experts.

Detailed explanation-2: -Subjective forecasting: An expert provides the information based on their own experience, intuition, and opinions.

Detailed explanation-3: -The concept of using expert opinion for forecasting is known as the Delphi Method.

Detailed explanation-4: -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-5: -What is Qualitative Forecasting? Qualitative forecasting is an estimation methodology that uses expert judgment, rather than numerical analysis. This type of forecasting relies upon the knowledge of highly experienced employees and consultants to provide insights into future outcomes.