Introduction(1) Why forecast in a business factory? All business planning is based on a forecast: What a factory should forecast? Factors affecting the future success of a firm- >Sales of existing products >Customer demand patterns for new products; >Needs and availabilities of raw materials; >Changing skills of workers; >Interest rates; >Capacity requirements; >International policies; Marketing and production make the most use of forecasting methods. >Marketing needs to forecast for both new products and existing products; >Sales forecasts are used for production planningIntroduction(1) Why forecast in a business factory? All business planning is based on a forecast; What a factory should forecast? Factors affecting the future success of a firm- Sales of existing products Customer demand patterns for new products; Needs and availabilities of raw materials; Changing skills of workers; Interest rates; Capacity requirements; International policies; Marketing and production make the most use of forecasting methods. Marketing needs to forecast for both new products and existing products; Sales forecasts are used for production planning