Forecasting (Business)

The video tutorial explains business forecasting, a method of making informed predictions about future events using current or historical data. It covers both quantitative and qualitative approaches, highlighting the use of performance metrics and sentiment analysis. Forecasting is applicable in various fields, including risk, strategic, and financial management.

What is the primary purpose of the analysis discussed in the introduction?

• To evaluate past performance

• To assess current market trends

• To make predictions about future events

• To analyze customer satisfaction

Which of the following is an example of a quantitative metric used in forecasting?

• Focus group feedback

• Interest rates

• Customer opinions

• CEO sentiment

How can quantitative metrics be used in forecasting?

• By analyzing emotional responses

• By conducting surveys

• By organizing focus groups

• By comparing them to historical figures

What type of data does qualitative forecasting focus on?

• Performance metrics

• Opinion-based data

• Historical data

• Numerical data

In which fields is forecasting commonly employed?

• Only in customer service

• Only in financial management

• In risk, strategic, and financial management

• Exclusively in marketing