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22 February, 21:20

Which of the following is the FIRST step in a forecasting system?

A. Determine the use of the forecast.

B. Select the items to be forecasted.

C. Determine the time horizon of the forecast.

D. Select the forecast model (s).

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Answers (1)
  1. 22 February, 21:27
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    Answer:a-Determine the use of the Forecast

    Explanation:

    The first step in a forecasting system is to determine the use of the forecast.

    Forecast is a technique which uses previous data and reports to find the expected outcome of that particular event.

    For example sales of a component A in next month provided its previous month data is available. Forecast may not reduce complication but it can give us an estimation of expected future event.
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