Question

Discuss briefly the statement about the meaning of forecasting .

Answer 1

Anticipating is a procedure that involves verifiable information as contributions to make informed gauges that are prescient in deciding the heading of future patterns. Organizations use guaging to decide how to distribute their financial plans or plan for expected costs for a forthcoming timeframe.

Answer 2

• Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends.
• Businesses utilize forecasting to determine how to allocate their budgets or plan for anticipated expenses for an upcoming period of time.
• This is typically based on the projected demand for the goods and services offered.