Principles of Forecasting a Handbook for Researchers and Practitioners, Form

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foreign let's talk about the introduction to forecasting in simple term forecasting means estimation or prediction of future the prediction of outcome Trends or expected future behavior of a business industry sector or economy throughout the use of Statistics forecasting is an operational research technique used as a basis for management planning and decision making for casting is the process of making future prediction based on past and present data this is most commonly accomplished through Trend analysis a common example would be the estimation of some variable of interest at some future date prediction is similar but broader term next is the features of forecasting so first feature is it is concerned with future events second it is necessary for planning process third the impact of future event has to be considered in the planning process support it is a guessing of future event fifth it considered all the factors which affect organizational functions plus is a personal observation