Question: What is forecasting and why If forecasting is never correct , why do we even forecast? Explain why it is expensive to have too much

  1. What is forecasting and why If forecasting is never correct , why do we even forecast?
  2. Explain why it is expensive to have too much inventory and too little inventory.
  3. Compare Statistical/Analytical method versus Judgemental method of forecasting, which one is more effective?

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