Company is an automobile replacement parts dealer in large metropolitan community. B company is preparing its sales forecasts for the coming year. Data regarding both B company’s and industry sales of replacement parts as well as both the used and new B company sales in the community for the last 10 years have been accumulated. If B company wants to determine if there is a historical trend in the growth of its sales as well as the growth of industry sales of replacement parts, the company would employ A. Simulation techniques B. Queuing theory C. Statistical sampling D. Time series analysis

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.