Forecasting is an essential process for any business that involves predicting future events, trends, and patterns. It helps organizations plan for the future, identify potential risks and opportunities, and make informed decisions based on accurate, reliable information. Forecasting can be used to predict a wide range of events, from economic trends, sales and revenue, production levels, and customer demand.

Research an organization that had a difficult time with its forecasting methods.

1. Identify the forecasting method (qualitative, quantitative, or mixed method) and did the methodology contributed to the inaccurate forecast.
2. Which forecasting variable short-term, long-range, or both, were used?
3. Based on your research, which forecasting method would have resulted in a better outcome (time series method, moving average, weighted moving average, or exponential smoothing)?

Answer rating: 100% (QA)

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