Question: When looking at forecasting it is used by looking at previous data and trends to predict future financial outcomes. This can be important for businesses

When looking at forecasting it is used by looking at previous data and trends to predict future financial outcomes. This can be important for businesses to use because that can prevent them from going over their budget amount. Forecasting has a role in budgeting since creating a forecast over the businesss trends can help them create a budget that can be close to their actual spending (Russell, 2023). By using historical data of the business, it can help show any types of patterns that they might have which can help the business since they know which types of products may be more popular than others at certain times. When I was a senior in college, I would work at my dads gas station during the summers and I would have to look at previous data to see which products sold the most and it really helped me be successful since I knew which products I should buy more of and which products I should buy less of

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