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What is Importance of Forecasting in Organizations about?
An organization would not need forecasts if it had perfect capability to predict future demand accurately without errors. Forecasts are generally necessary for planning production quantities to meet demand, budgeting, and inventory management. However, forecasts sometimes contain errors which can lead to producing the wrong amounts at the wrong time and additional costs. The costs and accuracy of forecasts must be weighed against an organization
- Author
- sharen jill montero
- Language
- EN