Discussion
Laura
After reading the FAQs to the Business Forecasting website I was able to learn a lot. I am able to summarize a couple of the questions being asked like:
Is it important to use much data?
According to the FAQ, it can be said that it is important to use data especially when it covers a long wide of coverage about situations so that it can reduce risks of the outcomes or local anomalies. To make sure there is accuracy in the forecasting you would need a wide range of data to make sure that you can cover every little aspect to make sure that everything goes accordingly.
and
What methods are commonly used for forecasting?
The FAQ focuses on how judgmental and statistical data in forecasting are important, both approaches can be used together in a situation because they overlap somewhere in their roles. Its able to help with some of the forecasting barriers associated with a single method.