Select forecasting methods

Forecast is a systemic methods of obtaining an estimate of future.It is usually on past behavior.The methods of forecasting are :

1. Executive opinion :Executive give opinions,generally based on judgement,intuition and experience,about future environment.It is qualitative.
2. Sales forces composite :Each salesperson makes an estimate of future sales in his territory.The composite of estimates by all customers.
3. Customers evaluation :Customers are asked about there future buying intentions.Forecast in the consolidated future demand of all customers.
4. Surveys :Opinions of experts,customers and other are gathered about future environment.Questions are asked.
5. Opinion poll :Polls are conducted about opinions of stakeholder.Samples are used for opinions polls.Pooled opinions become forecast.
6. Delphi technique :Opinions of exports are pooled in varying stage.Feedback is used to develop new forecast.
7. Time series analysis :Information from time series of past in used to project the future.The assumption is that past pattern will continue in future.Trends can be found.
8. Regression modeling :Regression analysis is done to forecast future environment.Information from past in used to explore the future.
9. Econometric modeling :It consist of building sets of equations that describe a system and processing to fit the parameters statistically.Models of environment are simulated.
10. Scenario building :A time order sequence of events that have logical cause and effect relationship is contributed .The scenario is based on interrelationships among events.