The random forces that affect demand for individual products tend to be inconsistent across all products. As the time horizon for forecasting increases, more and more potentially unknown factors that can affect demand are the true statements about situational drivers of forecast accuracy.
Forecasting is the process of making predictions based on past and present data. Later these can be compared against what happens. For example, a company might estimate their revenue in the next year, then compare it against the actual results. Prediction is a similar, but more general term.
There are three basic types of Forecasting —qualitative techniques, time series analysis and projection, and causal models.
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