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Forecasting Fundamentals by Nada Sanders

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CHAPTER 1

Forecasting in Business

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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