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Naïve forecasts are the most cost-effective forecasting model, and provide a benchmark against which more sophisticated models can be compared. This forecasting method is only suitable for time series data. Using the naïve approach, forecasts are produced that are equal to the last observed value.What are the four basic types of forecasting?
There are four basic types of forecasting methods: qualitative, time series analysis, causal relationships, and simulation. Qualitative techniques are subjective or judgmental and based on estimates and opinions (Chase, 2005).What is forecasting methodology?
Forecasting Methodology Forecasting is an integral part in planning the financial future of any business and allows the company to consider probabilities of current and future trends using existing data and facts. Forecasts are vital to every business organization and for every significant management decision.