There are 2 general approaches to forecasting: QualitativeForecasting and Quantitative Forecasting. Thoroughlydefine each. Give an example in detail of howan organization (name an organization of yourchoosing) would measure the performance of a department orproduct, based on quantitative forecasting: then qualitativeforecasting for the same organization or product.

For example: I as a manager, wanted to forecastthe sale of a product, for production, for the upcoming weeks. Onemethod, I would skillfully turn to management, workers, andcustomers to predict what is needed for the future. The othermethod, I would look at the sales for the same product for theprevious months, and make a recommendation/ decision on the futureneed for that product.