Observations of any variable recorded over a sequential period of time are considered time-series. Forecasting models, used to estimate values for some future period, are generally classified as either qualitative or quantitative.

Use the internet to research the differences between a qualitative forecasting model and a quantitative forecasting model.

Assume you are an executive of a large transportation company, and your firm's profit is highly sensitive to fuel cost. The price of gasoline and diesel changes daily, however, your customers expect to be quoted a price for delivery services days, weeks, and sometimes, MONTHS in advance. Therefore, your firm relies heavily on forecasting the price of fuel. Which method of forecasting might you use, qualitative or quantitative? And finally, what are the limitations to business forecasting.