Suppose you are working for a baking company in Bangladesh. What are the relevant factors you will consider for forecasting? What technique would you apply? How would you reduce forecast error in this case?

Suppose you are working for a baking company in Bangladesh. What are the relevant factors you will consider for forecasting? What technique would you apply? How would you reduce forecast error in this case?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section: Chapter Questions

Problem 42P: The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars)...

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Concept explainers

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.

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