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What is the purpose of forecasting?

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What is the purpose of forecasting? Why are forecasts not always correct? What are the limitations of forecasting?

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What is the purpose of forecasting?

A forecast projects a company's future revenues by looking at the past year and/or years and forecasting the upcoming year for the purpose of reducing or expanding staff, making significant purchases and this tool helps management plan for the upcoming year. With a forecasted budget, management can look at what they have, where ...

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