As you are learning in Assignment 2, a key technique in Business Analytics is the use of forecasting to help management make better business decisions.
- define “forecasting” and explain how it applies to decision making
- Discuss 1 to 2 applications of this concept in your current work environment (e.g., forecasting sales revenues for a brand, developing individual forecasts per store location for sale of a product, etc.)
- Discuss the process, noting if an assumption was more challenging than expected (e.g., it was harder to obtain data, it was more difficult to formulate the forecast, etc.)
- Additionally, share or create one example where using forecasting did, or could have, led to a better decision
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