Question

Which of the following is the FIRST step in a forecasting​ system?

A. Determine the use of the forecast.
B. Select the items to be forecasted.
C. Determine the time horizon of the forecast.
D. Select the forecast​ model(s).

Answer 1

Answer:a-Determine the use of the Forecast

Step-by-step explanation:

The first step in a forecasting system is to determine the use of the forecast .

Forecast is a technique which uses previous data and reports to find the expected outcome of that particular event.

For example sales of a component A in next month provided its previous month data is available. Forecast may not reduce complication but it can give us an estimation of expected future event.