Final answer:
The dean's forecast is used to determine the number of classes to offer, estimate revenue, evaluate marketing effectiveness, and identify enrollment trends. Accurate forecasting in this context is vital for resource planning and strategic decision-making in the school of business.
Step-by-step explanation:
The dean of a school of business uses historical data in forecasting to achieve several key objectives. The purpose of this forecast could include to determine the number of classes to offer in order to meet the expected student demand. Additionally, it can help to estimate the revenue generated from the summer session classes, which is crucial for budget planning and resource allocation. Furthermore, forecasting can be a valuable tool to evaluate the effectiveness of marketing strategies deployed to attract students, by analyzing if there is a correlation between marketing efforts and enrollment numbers. Lastly, forecasting aids in the identification of trends in student enrollment over time, which can inform strategic planning and show the long-term changes in student preferences or demographic shifts.