Forecasting
Forecasting
Business forecasting is the process of studying historical performance for the purpose of using the information gained to project future business conditions so that decisions can be made today that will assist in the achievement of certain goals. Forecasting involves taking historical date and using it to project future data with a mathematical model. Forecasts are extensively used to support business decisions and direct the work of operations managers. In this paper I will introduce different types of forecasting techniques.
What is Forecasting
Forecasting is the art and science of predicting future events. Forecasting is a statement about the future. “Operations management is designed to support forecasted performances and events. Specifically, operations managers allocate personnel, time, and resources in order to meet the demands of forecasts. The most successful companies achieve their results by assuming just such a proactive vice reactive posture.”......
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Approximate Word Count: 1285
Approximate Pages: 6 (250 words per double-spaced page)
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