Assignment help experts state that forecasting refers to finding an estimate for demand/ sales in future. There exist two major types of forecasting: Quantitative and Qualitative forecasting.
Quantitative forecasting methods are applied when:
1. There is availability of past numerical data
2. It is advisable to assume that the past trends shall continue in the future.
There are several methods that can be used for forecasting. Most commonly used methods use either cross-sectional data or time-series data.
Time series data utilizes the information available about the variable that needs to be forecasted and is not concerned with factors affecting and impacting its behavior.
The article aims at throwing light on different types of forecasting methods for those seeking economics assignment help. There exist two major types of quantitative forecasting method which are cross-sectional forecasting and time-series forecasting. Cross sectional data is collected at one point of time while time series data is collected over a period of time. The two methods study past trends to make predictions about future figures.