Forecasting

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Did you know? Businesses that use advanced forecasting tools improve supply chain planning accuracy by up to 60%.

1. What is forecasting?

Forecasting is the process of predicting future trends, events, or outcomes using historical data, analytics, and modeling. It helps organizations make informed decisions in areas like finance, operations, and sales.

2. What are the 5 stages of forecasting?

The five key stages of forecasting are:

1. Problem Definition – Identify what needs to be forecasted
   
2. Data Collection – Gather relevant historical and real-time data
   
3. Data Analysis – Clean, organize, and interpret the data
   
4. Forecast Development – Apply models (e.g., trend, regression, AI)
   
5. Monitoring & Evaluation – Compare results to actual outcomes and adjust
   

3. What is forecasting in business, give example?

In business, forecasting helps plan for future demand, revenue, or inventory.
Example: A retail company uses forecasting to predict product sales for the holiday season based on last year’s data, upcoming trends, and marketing plans; enabling smarter inventory management.

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