Describe briefly the steps used to develop a forecasting system.© BrainMass Inc. brainmass.com September 24, 2018, 8:23 am ad1c9bdddf - https://brainmass.com/statistics/descriptive-statistics/steps-for-developing-a-forecasting-system-391702
The following steps are used when developing a forecasting method:
1. Determine the use of the forecast: At this point, the organization must define, in clear terms, the objective of the project.
2. Select the items or quantities to be forecasted: The items that need to be forecasted must be selected at this stage. For example, if the company makes shoes, the number of shoes that they should ...
This solution describes in detail the steps used to develop a forecasting system