Given the following forecast and cost information, Regular time cost $ 40.00 per unit determine the total cost of a plan that uses regular time Overtime cost $ 60.00 per unit production output of 600 units per month, overtime is subcontracting cost $ 80.00 per unit used when needed up to a maximum of 60 units per holding cost $ 10.00 per unit per month month, and subcontracting is used if additional units are needed to meet the forecast. Month Forecast 1 570 2 600 3 630 4 650 5 670 6 690 Totals

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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.