Business Forecasting Definition
Forecasting is the process of making predictions about future events based on past data and current trends. Businesses use forecasting to make decisions about everything from production levels to marketing budgets.
There are many different methods of forecasting, but all involve using past data to extrapolate into the future. This can be done using simple trend analysis or more sophisticated statistical techniques. The choice of method will depend on the type of data available and the nature of the business.
Forecasting is an essential tool for businesses of all sizes. It can help you to make better decisions about where to allocate resources and how to plan for future growth.
