Difference between revisions of "Forecasting"
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| − | '''Forecasting''' is a technique that uses historical | + | '''Forecasting''' is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends. Businesses utilize forecasting to determine how to allocate their budgets or plan for anticipated expenses for an upcoming period of time. This is typically based on the projected demand for the goods and services offered.<ref>[https://www.investopedia.com/terms/f/forecasting.asp Definition - What Does Forecasting Mean?]</ref> |
Revision as of 22:37, 2 December 2022
Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends. Businesses utilize forecasting to determine how to allocate their budgets or plan for anticipated expenses for an upcoming period of time. This is typically based on the projected demand for the goods and services offered.[1]