Briefly describe the following steps of the forecasting process. 1. determine the purpose of forecast 2....

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Briefly describe the following steps of the forecasting process.1. determine the purpose of forecast 2. Establish time horizon3.Gather &analyze relevant historical data 4. Select aforecasting technique 5. Prepare forecast 6. Monitor theforecast

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Forecasting Forecasting is the process and strategy of the business to estimate the future Forecasting helps the business to modify and update the current business strategy to face future challenges In other words we can say that analyzing the historical data and market situation business can predicate the future Example Jan Sale 1000 Feb Sale 1100 March Sales 1210 we can forecast the April Sale by observing the previous 3 months sale relation every month sales increase by 10 of Previous Month so we can say that April sale would be 1210121 1231 Steps of the Forecasting Process Forecasting is the process of See Answer

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