Question: When implementing Demand Forecasting models for a new product in a volatile market, how would you balance the need for historical data with the uncertainties

When implementing "Demand Forecasting" models for a new product in a volatile market, how would you balance the need for historical data with the uncertainties of emerging trends and consumer behavior shifts? Critically discuss the importance of leveraging qualitative insights alongside quantitative data, and propose strategies for mitigating risks associated with inaccurate forecasts in such dynamic environments.

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