Explain qualitative forecasting methods that managers can use to predict future behavior in various aspects of a company's operations. Use the following guide: Introduction Analyze why forecasts are needed in companies. Explains when qualitative techniques should be used to forecast results.

Forecasts are indispensable tools for companies to plan, allocate resources, manage risks, and make informed decisions. They offer a glimpse into the future, allowing organizations to anticipate changes in demand, costs, and other critical factors. While quantitative forecasting methods rely on historical data and mathematical models, qualitative forecasting techniques come into play when historical data is limited, uncertainty is high, or complex decisions need to be made.