Discuss the application of forecasting techniques used in materials management. (500 words)

- Include forecasting designation and the significance of material management.
- Introduce methods of qualitative and quantitative forecasting (examples: sales force opinion, historical cases, time series, causal models).
- Evaluate some of frequently practiced techniques e.g. moving averages, exponential smoothing & regression analysis.
- Provide an overview of various methods, explain their suitability and limitations.
- The write that utilizes particular methods employed on materials forecasting is another suitable example.