Several methods can be employed in forecasting, including:
Quantitative Methods: These include statistical models such as time series analysis, regression models, and econometric models. They rely on historical data to make predictions. Qualitative Methods: These involve expert opinions, market research, and Delphi method. They are useful when historical data is limited or non-existent. Hybrid Methods: Combining both quantitative and qualitative methods can often yield more accurate forecasts.