Membership in the Cape Fear Health Club has been recorded for the past nine years. Management wants to determine the trend of membership in order to project future space needs. This estimate would help the club determine whether a future expansion will be needed. Given the following time series data, develop a regression equation relating memberships to years.   Based on your regression equation, what is your forecast for 2020 memberships? Memberships are in hundreds.   Year > 2011 2012 2013 2014 2015 2016 2017 2018 2019 #'s > 11 13 15 17 16 18 20 19 23 Group of answer choices   22   24.6   23.3   11   25.9

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.