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From a practical point of view what would be the difference between forecasting and planning?
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Forecasting is used to predict the future based on the historical data. This can be done using several quantitative and qualitative techniques like time series forecasting, regression analysis, Analytical Delphi method etc. The techniques of forecasting, by their very nature, are designed to reduce the inherent uncertainty of predicting the future.
Hence, forecasting can provide managers forecast for sales with certain confidence. For example, based on the historical sales date of 12 months, the sales of the product next month will be …
