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Steps to forecasting and how they apply to business methods.

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1) Describe in your words the eight steps to forecasting and how they apply to business methods.

2) The decomposition approach to forecasting (using trend and seasonal components) may be helpful when attempting to forecast a time-series. Could an analogous approach be used in a multiple regression analysis? Explain briefly.

Both need to be in APA format and at least 200 words.

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The expert describes the eight steps to forecasting and how they apply to business methods.

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1) Describe in your words the eight steps to forecasting and how they apply to business methods.

The eight steps associated with successful forecasting include first establishing a cache of historical data that facilitates master data that will be used for planning wherein the organization defines the key areas that will be forecast while also implementing time horizons that will guide the forecasting process. The next step in the process entails cleaning the historical data to as this assists in ensuring that the data is accurately obtained and implemented within the system, and if it was not, the organization ...

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