What are the methods of Business Forecasting ?

Delphi Technique - In the Delphi Technique, a group of experts responds to a series of questionnaires. The experts are kept apart and unaware of each other. The results of the first questionnaire are compiled and a second questionnaire based on the results of the first is presented to the experts, who are asked to reevaluate their responses to the first questionnaire. This questioning, compilation and re questioning continues until the researchers have a narrow range of opinions. Scenario Writing - In Scenario Writing, the forecaster generates different outcomes based on different starting criteria. The decision maker then decides on the most likely outcome from the numerous scenarios presented. Scenario writing typically yields best, worst and middle options. Subjective Approach - Subjective forecasting allows forecasters to predict outcomes based on their subjective thoughts and feelings. Subjective forecasting uses brainstorming sessions to generate ideas and to solve problems casually, free from criticism and peer pressure. They are often used when time constraints prohibit objective forecasts. Subjective forecasts are subject to biases and should be viewed skeptically by decision makers. Time - Series Forecasting-Time-series forecasting is a quantitative forecasting technique. It measures data gathered over time to identify trends. The data may be taken over any interval: hourly, daily, weekly, monthly, yearly or longer.

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