peer response to : The two main forecasting techniques are quantitative and qualitative techniques. The quantitative technique is more focused on statistics and historical data to forecast future demand. The qualitative technique uses consumer behavior and other sources to forecast future demand. Both are important when forecasting but each have their own specific benefits. Using the quantitative technique may be more applicable when trying to reduce risk in forecasting. "These patterns might inform your business strategy, help you set performance standards and equip you to analyze and mitigate risk." (Indeed Editorial Team 2022). Using the qualitative technique may be more helpful when trying to analyze changes in consumer behavior and outside sources to help predict what the future demand will be. Qualitative techniques could be more helpful when a business is just starting out and doesn't have historical data to base anything on. "These techniques are most useful when the product is new or there is little experience with selling into a new region. Here such information as knowledge of similar products, the habits of customers in the area, and how the product will be advertised and introduced may be important to estimate demand successfully." (Jacobs 2020). Analyzing patterns and