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Difference between revisions of "Forecasting"

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'''Forecasting''' is a technique that uses historical [[Data|data]] as inputs to make informed estimates that are [[Predictive Analytics|predictive in determining the direction of future trends]]. [[Business|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>Definition - What Does Forecasting Mean? [https://www.investopedia.com/terms/f/forecasting.asp Investopedia]</ref>
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'''Forecasting''' is a technique that uses historical [[Data|data]] as inputs to make informed estimates that are [[Predictive Analytics|predictive in determining the direction of future trends]]. [[Business|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>Definition - What Does Forecasting Mean? [https://www.investopedia.com/terms/f/forecasting.asp Investopedia]</ref>

Revision as of 15:57, 6 February 2021

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]

  1. Definition - What Does Forecasting Mean? Investopedia