A method for generating forecasts associated with items includes: obtaining a warm start forecasting request from a user; obtaining an item associated with the warm start forecasting request; obtaining item data associated with the item; making a determination that the item is a warm start item; in response to the determination: performing similarity calculations between the warm start item and additional items included in an item repository; identifying a portion of the additional items that are similar to the warm start item based on the similarity calculations; aggregating forecasts associated with the portion of the additional items to generate a warm start forecast; and providing the warm start forecast to the user.