DQ

As you’re learning in assignment 2, a key technique in business analytics is the use of forecasting to help management make better business decisions. Define this approach in your own words and discuss 1-2 applications of this concept in your current work environment (examples might include forecasting sales revenues for a brand or developing individual forecasts per store location for the sale of a product). Discuss the process, noting if an assumption was more challenging than expected – such as obtaining data or formulating the forecast. Additionally, share or create one example where using forecasting did or could have led to a better decision.