Forecasting techniques are methods used to predict future events or trends based on historical data and analysis. These techniques can be quantitative, relying on mathematical models and statistical tools, or qualitative, which involve expert opinions and market research. Common quantitative methods include time series analysis and regression analysis, while qualitative approaches might involve focus groups or Delphi method. Businesses and organizations utilize forecasting techniques to make informed decisions regarding inventory management, financial planning, and resource allocation. By understanding potential future scenarios, they can better prepare for changes in demand, market conditions, and other factors that may impact their operations.