In your own words and it should be in paragraph form. Also, don't forget to conclude.Discuss the importance of Forecasting in Operations Management.

Forecasting is the process of making future choices based on certain factors such as past events or…

Answered: Discuss the importance of Forecasting…

Business

Operations Management

Discuss the importance of Forecasting in Operations Management.

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter6: Target Markets: Segmentation And Evaluation

Section: Chapter Questions

Problem 17DRQ: Under what conditions might a firm use multiple forecasting methods?

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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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In your own words and it should be in paragraph form. Also, don't forget to conclude.

Discuss the importance of Forecasting in Operations Management.

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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