Difference between revisions of "Forecasting"
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| + | == What is Forecasting? == | ||
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'''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> | '''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> | ||
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| + | ==See Also== | ||
| + | *[[Backcasting]] | ||
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| + | ==References== | ||
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Revision as of 00:38, 6 January 2023
What is Forecasting?
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]
See Also