After going through this chapter, you will be able to answer the following questions:
- What is the role of forecasting in an organization? How does it help the planning process?
- How does the forecasting methodology and context change with respect to the time horizon?
- What are the steps involved in designing a forecasting system?
- What are the sources of data for forecasting? How do organizations use these data?
- What are the well-known models used for forecasting? How can we estimate the model’s parameters?
- How can we assess the accuracy of forecasts obtained from a forecasting model?
- What are the managerial considerations in using a forecasting system?
Every organization invariably engages ...