"Forecasting" Mat 543 Week 4 Discussion Compare and contrast the major strengths and weaknesses of analytic and nonanalytic forecasting. Provide one (1) example of each method being used in a real-world scenario to support your answer. Discuss the importance of the four (4) guiding principles of forecasting. Next, select one (1) principle and discuss how to apply it in a real world scenario

Analytic forecasting is based upon the numbers and data, whereas the non-analytic forecasting is based upon the opinion and or past expertise. Strength of the analytic forecasting is its accuracy and its support on the basis of past data. Strength of non-analytic forecasting is its valuable inputs when the data is not available. It happens when new product related forecasting has to be done. This...