day 2

reply in 150 words, provide 1 reference

 Forecasting- Day

Forecasting is a way of looking ahead for future business expectations. The saying that it is both an art and a science is looking at how it can be interpreted. For example, many sales will go up around Christmas time, the art is knowing which holidays sales will go up during and the science is looking at how past models and time periods have performed in order to predict the future.  This is the econometric method, where it is looking at data and determining accurate forecasts. Panel consensus is taking opinions from different personnel from different departments. The science aspect to this is taking opinions from everyone and forming a basis to go off of, whereas the art is knowing which opinions in the panel hold the most weight.