Question

1. Describe what qualitative forecasting models are. What are the advantages and disadvantages of this modelling?
2. “High correlation between two variables means that one is the cause and the other is the effect”. Explain this statement

Answer 1

Here,

The intution and judgment of experienced supervisors deals proficient and industry experts,so can improve the nature of a power cast in light of the fact that quatitative information can't catch subtleties that long stretches of experience can distinguish.

Subjective determining is valuable when there is questionable or lacking information.

For instance, a startup innovation organization building up another product application won't chronicled information for any sort of quantitative investigation it can utilize results from tantamount organizations and evaluations of market size to anticipate future deals however it is the judgment and intution of the originators that will direct the vast majority of the key choices enormous organizations may have the assets to lead center gatherings and field tests to plan and adjust their new items yet their business estimates are as yet going to require subjective sources of info and the subjective strategy has certain hindrance..

Hence,anchoring occasions and specific perception.it implies that fore ranks enable ongoing occasions to impact discernments about events.selective recognition implies that fore stations disregard significant data that may struggle with their perspective on how the future will unfurl.

(a) We regularly search for relationships between's factors we need to know whether one variable can be controlled bye controlling another factors sometimes  factors increments or diminishes after some time for instance the earth temperature is increments or diminishes after some time.

For instance, the earth temperature is expanding after some time in the event that you run a relationship examination on these two factors and temperature and level of green house gases, you will locate that worldwide temperature associates emphatically to the degree of green house gases. but,does this imply one is the reason for the other not really.

At the point when two variabes are slanting up or down a connection examination will frequently appear there is a noteworthy relationship basically as a result of the pattern not really in light of the fact that there is acause and impact connection between the two factors.