How, and why, do companies use forecasts? For what type of business decisions do you think forecasting is useful? Give examples of how forecasting is used in organizations, or how forecasting might help an organization in the future.

Which is an example of a quantitative forecasting approach? What other forecasting approaches or methods have been developed, and in what situations might these methods be used?

What are the important factors to consider when developing a forecast? In contrast, what are potential pitfalls or areas for failure of forecasts?