Question

When data available to a firm is too old to be useful, what type of forecasting technique should the firm consider?

Answer 1

When data available to a firm is too old to be useful, the type of forecasting technique the firm should consider would be a qualitative technique.

When a firm consists of data which is too old to use, then a firm considers using qualitative forecasting technique. This forecasting technique is a method of making predictions about a company's finances which uses judgment from experts.

These predictions are made my expert employees of a company, who perform qualitative forecasting by identifying and analyzing the relationship between existing knowledge of past operations and potential future operations.

Hence, when data available to a firm is too old to be useful, the firm considers using qualitative forecasting technique.

To learn more about qualitative forecasting technique here:

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