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Forecasting methodology in business is intended to prepare the user and enable them to make strategic and informed business decisions based upon assumptions about an uncertain future. However, forecasting methods differ in their approach,
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Forecasting Techniques and Models Parrish Monk University of Phoenix MGT-554 Operations Management July 26, 2005[S1] Forecasting Techniques and Models In today's rapidly changing world, people in all walks of life need trustworthy data on which to base choices and decisions. More and more these days, with a limited pool of available[S2] funding and resources and the adverse effects that political, social and cultural events have on businesses and the economy, key decision makers are having to rely on forecasting as one of the major tools for decision making and planning. According to research cited in this paper forecasting is a tool used for the projection of future financial position and operating results of an organization (Siegel and Shim, 2000 p.191). Moreover, forecasting can be used as a tool to project or estimate future sales, revenue, earnings, or costs (Siegel and Shim, 2000 p.191). Similar to the purpose of forecasting the weather, forecasting methodology in...
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