Please watch the video below and answer the following questions:
There are many ways to approach business forecasting. For example, there are both qualitative and quantitative methods. Some forecasts are based on highly sophisticated statistical methods; some are based on experience and examine past precedent, while others just follow a gut feeling.
The selection of a method depends on many factors such as the context of the forecast, the relevance and availability of historical data, the degree of desirable accuracy, and others.
- After watching the TEDTalks video, should the executives have considered qualitative methods, quantitative method or both in the decisions. Please be specific.
- What did you learn in this video that can apply to your professional life?