Write the forecasting techniques
There are many forecasting techniques available to person assisting the business in planning its sales. Take for instance a forecasting method in that a statistician forecasting future values of a variable of business interest-sales, for instance, examines the cause-and-effect relationships of this variable with other relevant variables. The other pertinent variable can be the level of consumer confidence, changes in consumers' disposable incomes, interest rate at which consumers can finance their excess spending through borrowing and state of the economy represented by percentage of the labour force unemployed. This category of forecasting technique utilises time series data on many relevant variables to forecast the volume of sales in future. Under this forecasting technique, a regression equation is estimated to produce future forecasts (based on past relationship among variables).