Please describe the seven steps in forecasting, as practiced by Tom Yu$.$

Utilizing forecasts

The use of a forecast is determined by the role of the individual utilizing the forecast. In marketing, it would help determine how much money or where funds should be spent annually to promote the purchasing of a product. Production managers would be more interested in how long or how much money it takes to create or improve a specific product or line.

Forecasted items

The forecast parameters are often total for the item$/$brand in question, the region or country, and the fiscal year projections.

Forecast time horizons

According to Tom Yu$,$ the first three steps are often done together.

Time horizons vary between departments. Marketing teams ma time horizons might be fiscal quarters, but usually the entire fiscal year.

Select the forecasting model$($s$)$

Gather the data needed to make the forecast

Make the forecast

Validate and implement the results