Discuss the below:
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The Value of Forecasting
It has been stated a number of times in our readings this unit that the success of firms today often relies on the ability to forecast appropriately. How, and why, do companies use forecasts? For what type of business decisions do you think forecasting is useful? Give examples of how forecasting is used in organizations to which you belong, or how forecasting might help your organization in the future.
We are studying time series forecasting, which is an example of a quantitative forecasting approach. What other forecasting approaches or methods have been developed, and in what situations might these methods be used?
What are the important factors to consider when developing a forecast? In contrast, what are potential pitfalls or areas for failure of forecasts?