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Steps for developing a forecasting system

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Describe briefly the steps used to develop a forecasting system.

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This solution describes in detail the steps used to develop a forecasting system

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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 ...

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Edwin Sinclar, MBA
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  • MBA, Aspen University
  • Bachelor of Science , Berea College
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