year  quarterly sales  (000 units)       Q1 Q2 Q3 Q4 2016 1300 1500 1200 2000 2017 1600 1800 1100 2200 2018 1700 1900 1300 2300 2019 1800 2100 1400 2500 Using a simple regression analysis, determine the trend equation of the sales and use it to estimate the number of units of clothing sold throughout the fiscal year 2020. Assume that Q1 of 2016 is 1, Q2 of 2016 is 2, etc. Show all relevant cakculation detail

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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.