The Costello Music company has been in business for 5 years. During that time its sales of electric organs have grown from 12 units to 74 units per year. Fred Costello, the firm’s owner wants to forecast next year’s organ sales. The historical data follows: Year 1 2 3 4 5 Sales 12 28 34 50 74 a) What forecasting method do you recommend and why? b) Use your recommendation to obtain the forecast for Years 6 and 7.

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.