What properties do quantitative forecasting techniques have that ...

[renzo156]

Question 1

What is a brand? Name the top five lodging brands.
 
  What will be an ideal response?

Question 2

What properties do quantitative forecasting techniques have that qualitative methods do not?
 
  What will be an ideal response?

[tandmlomax84]

Answer 1

Brand refers to a name that defines a product and serves to differentiate it from that of a competitor. The top five lodging brands are: Marriott, Hilton, InterContinental, Wyndham, and Starwood.

Answer 2

Quantitative methods essentially rely on the notion that past behavior will prove to be a reliable indicator of the future. Such techniques require data and mathematics-based forecasting models. Econometric models, which incorporate economic theory and statistical analysis, are also known as regression models and represent the highest form of quantitative forecasting. They use historical data that reveal causal relationships between the dependent and independent variable(s) that have occurred previously with the expectation that such relationships will hold in the future. Qualitative methods make no assumptions about past statistical relationship. Such forecasts are based on subjective, intuitive, and educated guesses about the future. The Delphi technique, based on a consensus of expert opinions, is the most prominent qualitative method.

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