Forecasting and decision making are important for businesses to plan effectively amid risk and uncertainty. Economic forecasting helps businesses understand changes in the broader environment so they can formulate strategies. Demand forecasting also allows businesses to predict sales and allocate resources appropriately. Qualitative techniques like expert opinions and surveys, and quantitative techniques like time series analysis are commonly used for demand forecasting. The results of forecasting assist both businesses and governments in planning investments and policies.

1. Forecasting and Decision making