Internet Field Trip: Forecasting Methods

Internet Field Trip: Forecasting Methods

Introduction

Forecasting can be defined as a process of making statements about whose actual results are yet to be observed in future. Forecasting is an effective planning tool for mangers to attempt to cope with future uncertainties (Clemen, 1989). A reliable and accurate forecast is the basis of any good plan. For instance, if an organization does not know what load to expect, their effort to create any schedule plan and calculate staff number will be a waste effort. Therefore, huge importance is given to forecasting. There are various methods used to forecast. ...