Forecasting is a method of predicting future demand by estimating what customers want or need. Businesses use forecasting to make decisions about production, inventory, staffing, and other areas of operations. Forecasting can be done using various methods, including statistical analysis, market research, and customer surveys.
One standard forecasting method is trend analysis, which looks at past sales data to identify trends that can be used to predict future demand. Seasonality is another essential factor to consider when forecasting demand, as certain products or services may see increased demand at certain times of year (such as holiday gifts or summer vacations). Businesses must also consider any changes in the overall economy that might impact consumer spending.
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