Forecasting is a great way to work efficiently and avoid risk. Many companies ei

Question

Forecasting is a great way to work efficiently and avoid risk. Many companies either have the in house forecasting or market research team or some of the company ask this from further companies who is specialized in such forecasting reports.

This could be helpful in making decision making in following way

Example: A company which produces Barbie doll in European market but he entered into Asian market and was about to launch the product in Dubai. It’s forecasting method then let us know about the cultural hindrance in promoting goods of such nature.

So by this way a company remain able to save tis cost

Explanation / Answer

Explain how a business would use forecasting to their advantage when making decisions

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