Judgmental forecasting involves using expert opinions, intuition, and experience to predict future demand rather than relying solely on historical data or statistical models. This method is useful when past data is limited, unreliable, or when forecasting for new products or during unprecedented events. While subjective, judgmental forecasting can complement quantitative methods by incorporating real-time insights and qualitative factors. It’s especially valuable in scenarios where market intelligence or managerial insight adds predictive value.
