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Introduction
A forecast is a statement about the future and usually takes the form of a single number, which is
always wrong. Another denition is that a forecast is a prognosis and forecasting is the process of
identifying the future state of the business. Forecasting is an integral part of business management,
and its purpose is to generate information that can be used to make intelligent decisions. It is the
discipline responsible for developing projections to help decision makers make sound decisions.
Abroader denition of forecasting is the anticipation, expectation, and prognosis of how company
operations will develop in the future. ...