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  • Forecasting: It Is The Process of Predicting or Estimating The Future Based On Past and Present Data

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    Joyce A. Dawates
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    Forecasting is the process of predicting future events and outcomes based on analysis of past and present data using statistical tools and techniques. It is used to estimate values like business profits, product demand, production costs, borrowing needs, and loan repayment schedules. The steps in forecasting include analyzing problems, collecting and analyzing data, estimating future events, comparing results, and following up with appropriate actions.

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    Forecasting

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    Forecasting

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    Forecasting is the process of predicting future events and outcomes based on analysis of past and present data using statistical tools and techniques. It is used to estimate values like business profits, product demand, production costs, borrowing needs, and loan repayment schedules. The steps in forecasting include analyzing problems, collecting and analyzing data, estimating future events, comparing results, and following up with appropriate actions.

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    78 views4 pages

    Forecasting: It Is The Process of Predicting or Estimating The Future Based On Past and Present Data

    Uploaded by

    Joyce A. Dawates
    Forecasting is the process of predicting future events and outcomes based on analysis of past and present data using statistical tools and techniques. It is used to estimate values like business profits, product demand, production costs, borrowing needs, and loan repayment schedules. The steps in forecasting include analyzing problems, collecting and analyzing data, estimating future events, comparing results, and following up with appropriate actions.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    Forecasting

    It is the process of predicting or estimating the future based on past and present data.

    Forecasting is concerned with future events.


    It shows the probability of happening of future events.
    It analysis past and present data. It uses statistical tools and techiques. It uses personal observations.

    Forecasting used to answer important questions, such as;


    How much profit will the business make? How much demand will there be for a product or service? How much will it cost to produce the product or offer the service? How much money will the company need to borrow? When and how will borrowed funds be repaid?

    Steps in Forecasting
    1. Analysing and understanding the problem 2. Developing sound foundation 3. Collecting and analysing data 4. Estimating future events 5. Comparing results 6. Follow up action

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