write a short note on "time trend and forecasting"(5 marks)
Answers
Explanation:
Trend forecasting is a complicated but useful way to look at past sales or market growth, determine possible trends from that data and use the information to extrapolate what could happen in the future. Marketing experts typically use trend forecasting to help determine potential future sales growth. Many areas of a business can use forecasting, and examining the concept as it relates to sales can help you gain an understanding of this strategy.
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What Is Trend Forecasting? | Chron.com Time Series and Trends
Trend forecasting is quantitative forecasting, meaning its forecasting is based on tangible, concrete numbers from the past. It uses time series data, which is data where the numerical value is known over different points in time.