Importance of business forecasting in business statistics
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Answer:
Forecasting plays an important role in various fields of the concern.
Explanation:
As in the case of production planning, management has to decide what to produce and with what resources .Thus Forecasting is considered as the indispensable component of business ,because it helps management to take correct decisions .
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The purpose of business forecasting is to develop better strategies based on these informed predictions. Past data is collected and analyzed via quantitative or qualitative models so that patterns can be identified and can direct demand planning, financial operations, future production, and marketing operations.
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