Forecasting is a process of making quantitative or qualitative predictions about what will happen in the future; yet in the final analysis, forecasting is subject to error because it always relies on human judgment and interpretation.

Question

Quizplus · Accepted Answer

Forecasting involves using methods such as statistical models, expert opinions, and historical data to predict future outcomes. However, the accuracy of these predictions can be influenced by unforeseen events, incorrectly input data, and bias or subjectivity from forecasters. Therefore, forecasting is subject to error and uncertainty.

Forecasting Is a Process of Making Quantitative or Qualitative Predictions