There are various forecasting methods that can be applied, these being:
- Qualitative Models - These incorporate judgement and subjective factors. Models used include: Delphi Method, Jury of executive opinion, Sales force composite and Market survey.
- Time Series - These models are based on historical data and include: Time Series Methods (Naive, Moving Averages, Weighted Moving Averages,Exponential smoothing),Trend analysis, and Seasonality analysis.
- Causal - Incorporates factors that influence the quantity being forecasted, models being: Simple Regression analysis and Multiple regression analysis.