2. Forecasting is a useful tool(technique)
Extrapolation : is the extension of current into the future.
Time series model.
Meaning Used historical data and make projection of it over time series into
the future.
Example: illustrated example of packing consumption
Using the same consumption during the same quarter on previous year as a
guide for coming year
Taking historical data as a guide help in this type so much as the world
changed slowly in the short run.
It’s effectiveto make short run forecast analysis.
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Wooden Pallets Plastic Pallets Q Bags
Packing materials forecast
Jan-20 Feb-20 Mar-20
https://www.youtube.com/watch?v=olMnmkqXyBc
3. Cross impact analysis is a method used in forecasting exercises aimed
at measuring the correlation betweenfuture events (variables)
this tool was used as a simulation
designed to evaluatechanges in the probability of the occurrence of a
given set of events consequent on the actualoccurrenceof one of
them.
Thisforecastanswerthequestion:cantheforecastbasedonperception
mayinteractinthefuture.
