While economic forecasting is as old as organized economics itself, modern-day forecasting methods have been widely used since the Great Depression era. Although today’s data management techniques are relatively newer, companies have been using data management for decades to make informed decisions and maximize economic performance. Together, forecasting and demand management help businesses around the world achieve their economic potential.
What Is Forecasting?
Forecasting is a technique that uses both historical data and present trends to make predictions of the future. By collecting and interpreting meaningful data, accurate projections can be made of a business’ economic outcomes. While businesses use forecasting to develop budgets and prepare for the future, investors can also use it to anticipate a company’s future performance.
What Are the Benefits of Forecasting and Demand Management?
Both forecasting and data management can be useful for investors and businesses alike. Even with a limited data set, forecasting models can be helpful in the development of accurate projections. For instance, qualitative forecasting models like market research, polls and surveys are often used to make important economic decisions. While, these qualitative models rely heavily on the opinions of experts, quantitative models like discounting, time series methods and indicator analysis are developed solely from statistical data. The primary advantage of professional forecasting and data management services is they provide businesses with useful information and allow for informed decision-making.
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