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a)Qualitative
Techniques are subjective, based on the opinion and judgment of consumers, experts and are appropriate when past data are not available.
Usually applied to intermediate- or long-range decisions.
significances include;
•provides descriptions and explanations that demonstrate the chronological flow of events often leading to findings
•Logical flow give data meaning and how they connect to the new concept providing the basis for description
-Grounded Theory
-Ethnography
-Phenomenology
•Strauss & Corbin (1998) portend that some researchers believe that data should not be analysed but presented as it is to avoid subjective interpretations
Examples
•informed opinion and judgment,
•the Delphi method,
•market research, and
•historical life-cycle analogy
b)Quantitative
vThese forecasting models are used to forecast future data as a function of past data.
vAre appropriate to use when past numerical data is available and when it is reasonable to assume that some of the patterns in the data are expected to continue into the future.
vUsually applied to short- or intermediate-range decisions.
Examples
•last period demand,
•simple and weighted
•N-Period moving averages,
•simple exponential smoothing,
•Poisson process model based forecasting and
•Multiplicative seasonal indexes.
johnson mwenjera answered the question on December 13, 2017 at 10:09
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