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 inventory levels to budgeting.
There are a variety of different methods that businesses can use to forecast, including trend analysis, regression analysis, and time-series analysis. The most appropriate method will depend on the type of data that is available and the nature of the event being predicted.
Businesses typically use forecasting in conjunction with other planning tools, such as business planning and market research. Forecasting can help businesses to identify trends and make better decisions about where to allocate resources.
