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Forecasting is an essential managerial activity that involves estimating future events, conditions, demand, sales, costs, or other business variables on the basis of past and present information. In quantitative analysis and managerial application, forecasting provides a systematic basis for planning and decision-making under uncertainty. Since business conditions are continuously affected by changes in technology, consumer preferences, competition, government policies, and economic conditions, managers cannot depend only on past experience. Forecasting helps them anticipate future developments and prepare suitable strategies. Forecasting is important in business planning because it provides a foundation for determining organisational objectives and allocating resources. Sales forecasts ________ _________ _________ __________ _______ __________ _________.
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