What are the differences between quantitative and qualitative forecasting$$ techniques? Under what conditions is it appropriate to use a quantitative$$ technique?

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Part $1$

Choose the correct answer below.

A$.$

Quantitative forecasting techniques are based on a combination of statistical methods for analyzing quantitative historical data and expert opinion and judgment. Qualitative forecasting techniques are based solely on market surveys. It is appropriate to use a quantitative technique whether there is historical data or$$ not, and when expert opinion or managerial judgment must be used for forecasting the$$ product's demand.

B$.$

Quantitative forecasting techniques are based on expert opinion and judgment. Qualitative forecasting techniques are based on statistical methods for analyzing qualitative historical data. It is appropriate to use a quantitative technique when there is no historical$$ data, and expert$$ opinion, market$$ surveys, or managerial judgment must be used for forecasting the$$ product's demand.

C$.$

Quantitative forecasting techniques are based on statistical methods for analyzing quantitative historical data. Qualitative forecasting techniques are based on expert opinion and judgment. It is appropriate to use a quantitative technique when historical data related to the variable of interest$$ exist, the historical data can be quantified and the past is prologue to the future.