asked 93.7k views
3 votes
Which of the following is the FIRST step in a forecasting​ system?

A. Determine the use of the forecast.
B. Select the items to be forecasted.
C. Determine the time horizon of the forecast.
D. Select the forecast​ model(s).

asked
User Srakyi
by
7.6k points

1 Answer

4 votes

Answer:a-Determine the use of the Forecast

Step-by-step explanation:

The first step in a forecasting system is to determine the use of the forecast .

Forecast is a technique which uses previous data and reports to find the expected outcome of that particular event.

For example sales of a component A in next month provided its previous month data is available. Forecast may not reduce complication but it can give us an estimation of expected future event.

answered
User Jhpratt
by
8.4k points
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.