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Answer the Following Questions Regarding Quantitative and Qualitative Forecasting

question 23

Essay

Answer the following questions regarding quantitative and qualitative forecasting:
a.Define quantitative forecasting.
b.Explain the naïve forecasting method and give an example.
c.What are the benefits of using the naïve forecasting method?
d.Under which circumstances would one utilize a combination of both quantitative and qualitative forecasting?


Definitions:

Ginkgo Tree

A unique species of tree, Ginkgo biloba, known for its fan-shaped leaves and status as a living fossil, having no close living relatives.

Ephedra

A genus of plants used in traditional medicine and for weight loss, known for its stimulant properties due to the presence of ephedrine.

Leaves Called Needles

Thin, cylindrical, and often evergreen leaves found in some coniferous plants.

Conifers

Conifers are a group of cone-bearing seed plants, predominantly evergreen, that include pines, spruces, and firs, known for their adaptability to various climates and their importance in ecosystems and timber industry.

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