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Forecasting
Forecasting is a method used for predicting the future. Within a business, marketing and sales
utilize forecasting methods the most. A marketing department will commonly use forecasting for
sales of both new and existing product lines while the production department will try to forecast
sales for operations planning. Not all events can be accurately forecasted. For example, games of
chance like those played at casinos are considered random. The house is always guaranteed to win
over the long term by placing the probabilities in its favor. Evidence exists that the daily prices of
stocks follow a purely random process, and studies ...