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What is the step by step process of forecasting?

1.6 The basic steps in a forecasting task Problem definition. Often this is the most difficult part of forecasting. ... Gathering information. There are always at least two kinds of information required: (a) statistical data, and (b) the accumulated expertise of the people who collect the data and ... Preliminary (exploratory) analysis. ... Choosing and fitting models. ... More items...

What is the purpose of forecasting?

THE PURPOSE OF A FORECAST. METEOROLOGIST JEFF HABY. The purpose of forecasting is to prepare people and businesses from losing money and to enhance human comfort. Good forecasts pay off economically not by generating large sums of money but rather by preventing the loss of a large sum of money.

What are the three types of forecasting?

There are three types of forecasting 1.Qualitative or Judgmental methods 2.Extrapolative or Time series methods 3.Causal or Explanatory methods. 4. Rely on experts or managers opinion in making prediction for the future.Useful for medium to long range forecasting tasks.Provide a basis for some important decisions.


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