With forecasting may be defined as the process of assessing the future normally using calculations and projections that take account of the past performance, current trends, and anticipated changes in the foreseeable period ahead.

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With forecasting may be defined as the process of assessing the future normally using calculations and projections that take account of the past performance, current trends, and anticipated changes in the foreseeable period ahead. Whenever the managers plan business operations and organisational set-up for the years ahead, they have to take into account the past, the present and the prevailing economic, political and social conditions. Forecasting provides a logical basis for determining in advance the nature of future business operations and the basis for managerial decisions about the material, personnel and other requirements. When basis of planning, when a business enterprise makes an attempt to look into the future in a systematic and concentrated way, it may discover certain aspects of its operations requiring special attention. However, it must be recognized that the process of forecasting involves an element of guesswork and the managers cannot stay satisfied and relaxed after having prepared a forecast. The forecast will have to be constantly monitored and revised—particularly when it relates to a long- term period. Forecasting is needed for a business so managers and owner can get idea of future and past sales of a business. This helps with how productive the business is and can be and what changes need to happen in order to prosper in the future.