Qualitative forecasting methods are appropriate when historical data on the variable being forecast are either unavailable or not applicable.

Question

Quizplus · Accepted Answer

Qualitative forecasting methods rely on subjective opinions, expert judgment, or market research to predict future trends. These methods are useful when historical data is not available or when non-mathematical factors, such as political or social events, affect the variable being forecast.

Qualitative Forecasting Methods Are Appropriate When Historical Data on the Variable