The following data relate the sales figures of the barin Mark Kaltenbach’s small bed-and-breakfast inn in Portand, tothe number of guests registered that week:WEEK GUESTS BAR SALES1 16 $3302 12 2703 18 3804 14 300 a) Perform a linear regression that relates bar sales to guests (notto time).b) If the forecast is for 20 guests next week, what are the salesexpected to be? PX

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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.