MANAGEMENT

Detailed explanation-1: -Historical analogy method mainly forecasts the demand for a new product, it may be accurate and cheap. It bases on forecasts and past data of any similar or relevant existing products, then according to the product situations to develop a best fit forecast.

Detailed explanation-2: -an approach to sales forecasting in which the past sales results of a similar product are used to predict the likely sales of a similar new product.

Detailed explanation-3: -A useful judgmental approach which is often implemented in practice is forecasting by analogy. A common example is the pricing of a house through an appraisal process. An appraiser estimates the market value of a house by comparing it to similar properties that have sold in the area.

Detailed explanation-4: -An example of historical analogy is the assessment of a large number of immigrants, who made their way to the Levant, with time, they controlled the local governments, an element paving the way for the marginalization of the local populations.

Detailed explanation-5: -Historical Analogies: Historical analogies examine historical data from other businesses to find similarities. This is a qualitative forecast of possible futures through analogy to past data.