Which forecasting technique is better: qualitative or quantitative? Why?

Qualitative forecasting techniques are usually used for short-term forecasts (i.e. a week or a month), where adequate amount of historical data and time series data are not available. On the other hand, quantitative forecasting techniques are more likely to be successful when there is adequate historical data available and the forecast period is longer (i.e. a quarter to a year).

Though quantitative techniques are proved to be more accurate comparing to qualitative techniques, but it cannot be used in some cases, particularly when good quality and dependable historical data is not available. Moreover, quantitative techniques cannot work with data trends and non-numeric data sources that count judgment, experience and opinion. Hence, the better option is to apply both qualitative and quantitative forecasting techniques in conjunction to best predict the future.