Final answer:
The final step in a forecasting system is 'feedback and adjustments,' where the outcomes of the forecast are compared to actual results, variances analyzed, and necessary adjustments made to improve the system.
Step-by-step explanation:
The last step in a forecasting system is often associated with feedback and adjustments. This phase comes after the implementation of the forecast where the predictions are put into practice. At this stage, the outcome of the forecast is observed and measured against the actual results that occur over time. Feedback involves gathering data on the forecast's performance, identifying any variances between the forecasted and actual outcomes, and understanding the reasons behind these variances.
The process of forecast evaluation is crucial as it helps in assessing the accuracy and efficacy of the forecasting model. If the forecast proves to be inaccurate or lacking, this can lead to adjustments, which may involve tweaking the model, revising the assumptions, or collecting additional data. This iterative process ensures that the forecasting system improves and adapts over time, becoming more reliable and accurate.
Therefore, the correct answer is d) Feedback and adjustments, which encompasses evaluating the forecasting model and making revisions as needed based on the feedback received.