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What are the advantages and disadvantages of extrapolation forecasting?
Wiki User
∙ 11y ago
>Extrapolation is the analysing of data based on past trends.
*It is a simple method of forecasting
*Not much data is required
*It is quick and cheap
Bonus - It can motivate staff if levels are high. Which means they are doing a great job.
*It can be unreliable if there have been no changes in fluctuations with past data
*It assumes that past trends will continue into the future, which is unlikely in many business environments.
*It ignores qualitative factors (e.g. changes in taste, fashion etc.)
Bonus - It can stress staff out if levels are too high or too low. It may mean more stress from work to maintain these levels or to increase them from low state.
Wiki User
∙ 11y ago
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