Categories of Forecasting Models
Below is a brief overview of the four categories of models and examples of the techniques described in this guide.
These models rely on intuitive judgments, opinions, and probabilities.
TECHNOLOGICAL FORECASTING MODELS
These methods also rely on judgment and are particularly appropriate for very new technologies and very long-range forecasting.
Extrapolation of Trends
TIME SERIES MODELS
These models are based only on past data. The focus is on using patterns, changes, disturbances, etc. in the data to forecast the future.
Models based on the relationship between predictable factors and outcomes.