Essay On Forecasting

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EXECUTIVE SUMMARY: the purpose of this report is to explore about forecasting and its techniques and its implementation in the real world it means that we will put a company present and past data into different forecasting mathematical formulas and will analyze it results. In today’s era Forecasting is a key factor to run a long term business as it is related with the upcoming future events, with the help of forecasting we actually estimates or predict the future. We people also do forecasting in our daily life form the early morning to late night we perform allot of tasks with the help of present, yesterday, last week, last month or last year records and data. When talking about Organizations they use different types of forecasting such as Economic forecasting, Technological forecasting and Demand forecasting we will also discuss several steps for making an efficient forecasting (yongmi, 2014).
Forecasting
Forecasting is related with predicting the future with the help of past and historical data this data is then put into a mathematical function or model. Forecasting is all depe...

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