• These steps are a systematic way of initiating, designing, and implementing a forecasting system

  • When used regularly over time, data is collected routinely and calculations performed automatically

  • There is seldom one superior forecasting system

  • Different organizations may use different techniques

  • Whatever tool works best for a firm is the one they should use

## Warning: package 'DiagrammeR' was built under R version 4.0.5

FIGURE 5.1: Forecasting process steps

FIGURE 5.2: Forecasting techniques

  • Time-series models and causal methods are both quantitative forecasting techniques