Question: 2 There are two basic approaches to forecasting sales for established products, both of which have a number of variants. On the one hand, there

2 There are two basic approaches to forecasting sales for established products, both of which have a number of variants. On the one hand, there are the methods which rely on asking people questions, and on the other hand, there are those which involve the statistical or mathematical analysis of historical data. Discuss the various merits of these methods and indicate under what circumstances they might be used in practice.

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