Forecasting is not an exact science,and it is rare for a forecast to be exactly right.Given this uncertainty,it is usually best to use the previous period's data and add/reduce some percentage value based on managerial intuition.

Question

Quizplus · Accepted Answer

While using the previous period's data and adjusting based on intuition can be a method of forecasting, it is not usually the best approach. More sophisticated methods, such as statistical models, trend analysis, and machine learning algorithms, often provide more accurate and reliable forecasts by considering a wider range of variables and historical data patterns.

Forecasting Is Not an Exact Science,and It Is Rare for a Forecast