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How do the Composite Indexes predict future events?
The indexes predict by assuming that past trends and relationships will continue into the future.
Explain the concept of correlation and regression line as a forecasting tool?
once an equation for a regression is derived it can be used to predict possible future
How do you predict probability?
"Probability" is not something that occurs in the future. It's the numerical likelihood of something happening in the future. You don't predict the probability. You calculate it.
How possible to predict the number combinations in the future draws in Lottery?
It isn't possible. Quite simply, if there were a way to do it, such a method would spread very quickly and that would ruin the lottery; there would be no more lottery.
What is the difference between qualitative and quantitative techniques of forecasting?
Quantitative forecasting tools are used to predict future figures and quantities such as sizes and lengths. Qualitative forecasting tools are used to predict what something in the future will be like in terms of things other than set figures. For instance, they could predict what type a future element will be; what color it will be; what the nature of it will be.
