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    Forecasting tools

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    What criteria should an organization use in deciding what type of forecasting tools they should use?

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    Criteria Used to Select Forecasting Tools

    Forecasting Tool is used to estimate the unknown events and situations. It is predicting future demand of a product or a service. The information regarding future demand is essential for planning and schedule production, purchase of raw materials, acquisition of finance & advertising. It is much more important where large scale production is being planned and production involves a long gestation period. The choice of suitable tool or method of forecasting is a matter of purpose, experience and expertise. To a large extent, it also depends on the nature of data available for the purpose (Campbell, McConnell & ...

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    The response addresses the queries posted 334 words, and includes APA references.