Exercise 2: ABC analysis - Perform an ABC analysis on the foilov.ing set of products. Annual Item Demand Unit Cost A211 1200 $9 $90 $6 $150 $2000 B390 100 C003 4500 D100 400 E707 35 250 $120 $90 F660 G473 1000 H921 100 $75

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A:

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.