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In the twenty-first century, computers with elaborate programs are often used to develop models to forecast future economic and business activity.

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What are the uses of statistyics in daily life and business?

Statistics can be used to forecast future trends and events.


What is the difference in business intelligence from sales forecasting?

Sales forecasting is using business intelligence to develop a strategy for budgets. Business intelligence is the data used to get the sales forecast.


What is part of speech is forecast?

Forecast can be used as a verb or a noun.Verb: Meteorologists forecast the weather.Noun: Today's forecast looks gloomy.


Difference between budget and forecast with examples?

A forecast is a statement of the expected outcome of a given set of events. It follows then that a financial forecast is a statement of the expected outcome in financial terms of a given set of (assumed) events. A budget is a financial forecast based on a plan set by management. Thus, a business may prepare a budget that forecasts a revenue of, say, USD 10 million and a net income of USD 1 million, if all its strategies and actions happened as planned, and assumptions made (such as interest rate) occur. The budget is used by the management to control the business going forward. On the other hand, a financial forecast that is not a budget may be produced by the business for a different purpose, e.g. to provide a bank creditor with an idea of how the business will perform going forward. Such forecast can be varied depending on how optimistic or conservative the maker wants it to be. Thus, for the same business in the example above, a conservative forecast may be prepared for an investor that indicates a revenue of USD 9 million and a net income of USD 750,000.


What is a forecast?

A forecast is a weather prediction that weathermen or weather women think will happen. Can also mean a prediction or a conjecture about something in the future other than weather eg economy .


How its used to forecast weather?

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Advantages and disadvantages of business forecasting?

One advantage of business forecasting is that it offers the business with essential information that can be used for decision-making regarding the future of the organization. One disadvantage forecasting is not always accurate. A bad forecast may break an organization.


What is the purpose of a cash flow projection?

The cash flow projection forecast is used by a business owner to predict future money requirements. This is done to avoid overspending and bankruptcy.


Advantages and disadvantages of forecasting?

One advantage of business forecasting is that it offers the business with essential information that can be used for decision-making regarding the future of the organization. One disadvantage forecasting is not always accurate. A bad forecast may break an organization.


The percent-of-sales method can be used to forecast?

The percent of sales can be used to forecast the price of different types of goods. This can help the marketers know which goods are the most marketable.


What is the difference between point forecast and prediction interval forecast?

A point forecast is a single answer e.g. it is going to rain at 1pm. An interval forecast is based on uncertainity e.g. it is going to rain between 12pm and 2pm. An interval forecast is used because a forecast is always precisly wrong and appromatley right, y.e. don't give a precise answer because it will be wrong.


The most powerful business function of a spreadsheet is the ability to forecast?

A spreadsheet has a wide variety of uses for business. The ability to do forecasting is certainly one of the most powerful things it can do. It can do it in many different ways as there are a range of financial functions in a spreadsheet and there are lots of general functions that can also be used for business forecasting.