Explain the importance of generating forecasts in the service sector and compare these with the production sector.

Give at least one example of a service company in which the generation of forecasts is important for the estimation of its sales.

Answer rating: 100% (QA)

Generating forecasts is crucial in the service sector as it helps service companies anticipate and plan for future demand which in turn facilitates effective resource allocation staffing and decisionm... View the full answer