April 2024
Intermediate to advanced
824 pages
36h 45m
English
Content preview from Business Statistics
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570 Business Statistics
16.1 INTRODUCTION
In today’s highly dynamic business environment, managers have to forecast the future and design
strategies accordingly. Managers use forecasting (the art or science of predicting the future) tech-
niques to make strategic decisions about selling, buying, hiring, etc every day. The past data are used
by managers to make predictions about the future. For example, let us assume that a company wants
to order raw material in advance for its production processes in the current year. The demand for the
finished product is uncertain in the current year. In this situation, the company can take the help of