Question: Explain in detail the differences between qualitative and quantitative forecasts. Include at least two examples of when each would be utilized. Reflect upon the exercise

  1. Explain in detail the differences between qualitative and quantitative forecasts. Include at least two examples of when each would be utilized.
  2. Reflect upon the exercise you completed for the Moving Average Forecast and the key points that you have learned. Compare and contrast to determine if you feel a weighted Moving Average or an Exponential forecast would be more appropriate/precise in the Boone Factory scenario. Explain your selection.
Period Month Demand Forecast
1 Jan 100
2 Feb 200
3 March 130
4 April 250 143
5 May 200 193
6 June 150 193
7 July 160 200
8 August 190 170
9 September 110 167
10 October 180 153
11 November 250 160
12 December 250 180
January 227

  1. Explain what the benefits and drawbacks are of forecasting.Also describe when a mixture of forecasting models be appropriate.

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