Forecasting is critical in modern times. It is believed that it started as a consequence of the great depression of the 1930s. Business organizations manifested more concern with anticipating the future, and as a consequence, a number of highly successful consulting firms emerged to provide forecasting help for governments and businesses. Required: i. Explain the importance and use of a forecasting in organisations ii. List the various variables that modern forecasters apply in their forecasting, and explain why these are used

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A: Below is the solution:-

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.