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What conditions have to be satisfied for quantitative forecasting to be used?
in Data Science & Statistics by Bronze Status (5,762 points) | 142 views

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Quantitative forecasting can be applied when two conditions are satisfied:

  1. numerical information about the past is available;
  2. it is reasonable to assume that some aspects of the past patterns will continue into the future.

There is a wide range of quantitative forecasting methods, often developed within specific disciplines for specific purposes. Each method has its own properties, accuracies, and costs that must be considered when choosing a specific method.

Most quantitative prediction problems use either time series data (collected at regular intervals over time) or cross-sectional data (collected at a single point in time). 

by Bronze Status (5,762 points)

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