Forecasting methods that use historical demand to make a forecast are known as
A)qualitative forecasting methods.
B)time series forecasting methods.
C)causal forecasting methods.
D)simulation forecasting methods.

Question

Quizplus · Accepted Answer

Time series forecasting methods use historical demand data to make a forecast, while qualitative forecasting methods rely on subjective opinions and causal forecasting methods focus on identifying the cause-and-effect relationship between the demand and external factors. Simulation forecasting methods involve creating a model of the system and using it to generate a forecast. Therefore, the best choice for forecasting methods that use historical demand is B, time series forecasting methods.

Forecasting Methods That Use Historical Demand to Make a Forecast