My interest is in the future because I am going to spend the rest of my life there.
—C.F. Kettering
What Is Forecasting?
Forecasting is the process of predicting the future. Any time we make a prediction or estimate of a future event, we are forecasting. We are always making forecasts even though we may not think of it in a formal way. Here are some examples of forecasts.
Predicting the afternoon’s weather
Estimating how much time it will take to drive to a friend’s house
The price of tomatoes at the grocery store tomorrow
Who will win the Presidential election?
When the new iPhone will go on sale?
Whether you will get a raise this year
In business, we often associate forecasting with predicting customer sales ...
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