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For example, a retailing firm that has been in business for 25 years can forecast its volume of sales in the coming year based on its experience over the 25-year period?such a forecasting technique bases the future forecast on the past data.
While the term "forecasting" may appear to be rather technical, planning for the future is a critical aspect of managing any organization?business, nonprofit, or other. In fact, the long-term success of any organization is closely tied to how well the management of the organization is able to foresee its future and to develop appropriate strategies to deal with likely future scenarios...
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