Explain what the benefits and drawbacks are of forecasting.

Reflect upon and present what you have learned about forecasting this session, and the exercise you completed in Week 5, by submitting an essay of approximately 500 words on the blue “Essay” tab on the provided Excel template: 1.Explain in detail the differences between qualitative and quantitative forecasts. Include at least two examples of when each would be utilized. 2.Reflect upon the exercise you completed for the Moving Average Forecast and the key points that you have learned. Compare and contrast to determine if you feel a weighted Moving Average or an Exponential forecast would be more appropriate/precise in the Boone Factory scenario. Explain your selection.3.Explain what the benefits and drawbacks are of forecasting. Also, describe when a mixture of forecasting models be appropriate.