Discuss the objectives methods and types of forecasting i mark you brainliest if answer this :) ;)
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What is the Forecasting?
Forecasting is a process of predicting or estimating the future based on past and present data. Business Forecasting can be broadly considered as a method or a technique for estimating many future aspects of a business or other operation.
Business forecasting refers to a systematic analysis of past and present conditions with the aim of drawing inferences about the future course of events.
The following elements of the forecasting process:
~ Prepare the groundwork.
~ Create a future business.
~ Comparing actual with estimated results, and.
~ Refining the forecasts.
There are three categories of objective forecasting methods:
-- time series, causal/econometric, and artificial intelligence. ... Before any forecasting is done on time series data, the data must be adjusted for each of these components. Decomposing time series data will be discussed later in this series.
There are four main types of forecasting methods that financial analysts use to predict future revenues, expenses, and capital costs for a business.
(1) straight-line, (2) moving average, (3) simple linear regression, and (4) multiple linear regression.