Forecast Errors Top of Page Role Purpose to be Served Know why you are forecasting, before you ask any other questions. Common purposes are Planning and Budgeting Evaluation.
New things are what our forecasts miss.
Forecasting itself requires planning. Level of Aggregation product single product, product group, total company output, etc. Periodic monthly, yearly, etc. Integration Good forecasting requires integration into the management process as well as good computation. A time series is a sequence of measuments made at regular times, for example, daily temperature at noon, monthly earnings, number of babies born each year in Chicago.