Definition of composite forecasting This function combines forecasts from alternative forecasting methods (such as times series, causal, and/or judgmental) for a particular brand, product family or product. Each forecast is based on the same historical data but uses a different technique.
Forecast by analogy is a forecasting method that assumes that two different kinds of phenomena share the same model of behaviour. For example, one way to predict the sales of a new product is to choose an existing product which "looks like" the new product in terms of the expected demand pattern for sales of the product.
Three scenarios run the danger that people will try to pick the most moderate or most apparently plausible and forget about the other two. Four is a good number — neither too many nor too few. Each scenario should contain enough detail to assess the likelihood of success or failure of different strategic options.
Technology Foresight is a combination of creative thinking, expert views and alternative scenarios to make a contribution to strategic planning. The future is almost by definition unknown, but in both forecasting and foresight activities the judgements or opinions of experts are used.