Table 1 Time series forecasting techniques
Categories | Application | Specific techniques |
|---|---|---|
Qualitative techniques | Useful when historical data are scare or non-existent | Delphi technique Scenario writing Visionary forecast Historic analogies |
Causal techniques | Useful when historical data are available for both the dependent (forecast) and the independent variables | Regression models Econometric models Leading indicators Correlation methods |
Time Series techniques | Useful when historical data exists for forecast variable and the data exhibits a pattern | Moving average Autoregression models Seasonal regression models Exponential smoothing Trend projection Cointegration models |