Community Federal Bank in Dothan, Alabama, recently increased its fees to customers who use employees as tellers. Management is interested in whether its new fee policy has increased the number of customers now using its automatic teller machines to that point that more machines are required. The following table provides the number of automatic teller transactions by week. Use trend projection with regression to forecast usage for weeks 13–16. Week 1 2 3 4 5 6 7 8 9 10 11 12 Transactions 512 527 631 434 482 539 577 518 526 636 623 461

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.