A company has been consistently using sales data from the past 5 years to predict future demand for its products. Recently, the management decided to account for external factors such as market trends and consumer behavior shifts. What method of forecasting is the company likely to adopt to integrate both historical data and external variables?
1
Moving Average Method
2
Time Series Analysis
3
Causal Models
4
Judgmental Forecasting
5
Exponential Smoothing Method