x Gprovide companies w XFlashColdFusion/student/take.cfm?action=Dtaking&examid%3D6736&eaid%3=9425208&num=1enterPart 2-54purse ContentFuture Management Test17.provide companies with the goods they need to createor sell their products.PreviousSave AnswerNextrent answer; please select Save Answer if changes have been made.)

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Business

Management

17. provide companies with the goods they need to create or sell their products.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Concept explainers

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.

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