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What is a Forecast?

Forecast – An estimate of future demand.  A forecast can be determined by mathematical means using historical data, it can be created subjectively by using estimates from informal sources, or it can represent a combination of both techniques.

Forecast Error – The difference between actual demand and forecast demand, stated as an absolute value or as a percentage.

Forecast Management – The process of making, checking, correcting, and using forecasts.  It also includes determination of the forecast horizon.

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