ENTREPRENEURSHIP

Detailed explanation-1: -What is Forecasting? Forecasting is the art and science of predicting what will happen in the future. Sometimes that is determined by a mathematical method; sometimes it is based on the intuition of the operations manager. Most forecasts and end decisions are a combination of both.

Detailed explanation-2: -Demand Forecasting First and foremost, forecasting is the process of predicting or estimating future events based on past data, present data, and analysis of trends. Demand forecasting is an art and a science. It’s a science because there are certain methods and processes one follows in order to arrive at a forecast.

Detailed explanation-3: -While there are a wide range of frequently used quantitative budget forecasting tools, in this article we focus on four main methods: (1) straight-line, (2) moving average, (3) simple linear regression and (4) multiple linear regression.

Detailed explanation-4: -What is Forecasting? Forecasting refers to the practice of predicting what will happen in the future by taking into consideration events in the past and present. Basically, it is a decision-making tool that helps businesses cope with the impact of the future’s uncertainty by examining historical data and trends.