Forecasting-ĆProcess of predicting a future event
ĆShort-range forecast
¡VUp to 1 year; usually less than 3 months
¡VJob scheduling, worker assignments
ĆMedium-range forecast
¡V3 months to 3 years
¡VSales & production planning, budgeting
ĆLong-range forecast
¡V3+ years
¡VNew product planning, facility location
ĆMedium/long range forecasts deal with more comprehensive issues and support management decisions regarding planning and products, plants and processes.
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