Understanding Forecasting models as they apply to products

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Importance of Forecasting Models

Introduction

Scheduling for the future is the core of any business concern. Business organizations necessitate estimations of future values of business variables like commodities industry postulates forecasts of supply, sales and demand for manufacture planning, sales, marketing and financial conclusions. The list that needs to be forecasted in different industries is endless. Forecasting is a central "decision-making" activity in most of the organizations.

Forecasting Models

In general, there are various forecasting models, but all these models depend upon the nature of the business, the temperament of data, forecast granularity, forecast horizon, shelf ...