The demand for Krispee Crunchies, a favorite breakfast cereal of people born in the 1940s, is experiencing a decline. The company wants to monitor demand for this product closely as it nears the end of its life cycle. The following table shows the actual sales history for January–October. Generate forecasts for November–December, using the trend projection with regression method. Looking at the accuracy of its forecasts over the history file, as well as the other statistics provided, how confident are you in these forecasts for November–December? Month Sales Month Sales January Februray March April May June 890,000 800,000 825,000 840,000 730,000 780,000 July August September October November December 710,000 730,000 680,000 670,000

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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.