5. it is a tool that allows managers to make educated estimates on revenue and cost of the business in order to cope with uncertainties of the future a.estimating b. guesing c. forecasting d. benchmarking

5. it is a tool that allows managers to make educated estimates on revenue and cost of the business in order to cope with uncertainties of the future a.estimating b. guesing c. forecasting d. benchmarking

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.6: Moving Averages Models

Problem 22P: The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six...

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Concept explainers

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.

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5. it is a tool that allows managers to make educated estimates on revenue and cost of the business in order to cope with uncertainties of the future

a.estimating

b. guesing

c. forecasting

d. benchmarking

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