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Usefulness of Forecasts to the Industry

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What type of industries would make the most use of short-range, medium-range, and long-range forecasts? Why?

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Solution Summary

This solutions specifies the types of industries that can make use of short-range, medium-range, and long-range forecasts to their advantage.

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Short-range forecasts are for fewer than three months, Intermediate or medium-range forecasts have a span of three months to two years, and Long-range forecasts cover more than two years (Virtual Advisor, 2009).

Short-range forecasts are used by businesses and organizations that rely on continuous flow of data as guide to their actions. This involves data that changes over a very short period of time. Users of short-range forecasts are individuals and ...

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