Forecasting Applications Name of Student Institutional Affiliation Forecasting Applications Forecasting has a wide range of benefits to business. Formalised approach to forecasting provides a business with vital information that can be used to make decisions concerning the future of the company. Based on the information obtained from a formal forecasting report a productions manager can determine whether to increase or decrease production. Furthermore data from formalised forecasting approach is crucial when ordering new materials recruiting labour or even when ordering for inventory. This ensures that a business does not employ more and client preferences. Although a wide range of forecasting methods exist intuitive or naïve forecasting is widely used by business by managers who prefer more straightforward forecasting techniques. The technique ensured accuracy and made it easy to use the computer while analyzing the figures. Indeed forecasting has helped many firms gain market niche and increase the profits significantly since they are able to foresee future market trends. References BIBLIOGRAPHY \l 1033 INVESTOPEDIA. (2017). Forecasting. INVESTOPEDIA 55-66. Smith J. C. (2017). How to Choose the Right Forecasting Technique. Havard Business Review 33-44. [...]
Read through the Case Study entitled “M&L Manufacturing” attached . Examine the historical trend this company has experienced for the two products discussed. Prepare weekly forecasts for the next four weeks for both products, describe the forecasting method you chose and explain why that forecasting method is best suited to the scenario. Explain why you did, or did not, choose the same forecasting method for each product. What are the benefits of using a formalized approach to forecasting these products? Be sure to use at least two current, scholarly references beyond any required course readings. Current sources are those published within the most recent five-year period, and scholarly sources are those from peer-reviewed journals.