Forecasting involves estimating future demand for products and services and the resources needed to meet that demand. Forecasts are critical inputs for business planning and budgeting across finance, human resources, and operations functions. Forecasting allows organizations to better plan for short-term demand fluctuations, manage materials, make manpower decisions, and support strategic long-term decision making. Forecasts can be done at international, product, or geographic levels over short-term (1-3 months), mid-term (12-18 months), or long-term (5-10 years) horizons. Data sources for forecasts include sales force estimates, point-of-sale data, industry reports, economic indicators, and subjective expert knowledge. Both qualitative methods