Forecasting

Topic 

Forecasting

Instructions 

• Why is it important for firms to focus on forecasting models?
• Compare and contrast the various types of forecasting models

Answer Preview 

Forecasting entails the utilization of historic data to assess the direction of future trends. Notably, business organizations usually rely on forecasting to assess how to allocate their plan or budgets for expected expense for an upcoming period. This is normally founded on the estimated demand for the product and services they offer. In essence, it is critical for business organizations to focus on forecasting models in order to manage supply their supply chain more efficiently and economically.

Word Count: 200