If ABC Corporation has following historical data about sales volume:  Years Sales Years Sales Years Sales Years Sales 2001 110 2006 99 2011 100 2016 110 2002 112 2007 101 2012 104 2017 111 2003 122 2008 95 2013 108 2018 109 2004 111 2009 98 2014 102 2019 114 2005 104 2010 96 2015 115 2020 112 Note: All the sale values are in thousands. Required: Which type of forecasting approach is suitable for this type of data? Which forecasting technique is best to employ in order to forecast the above data? And also define the suggested technique. Calculate the predicted values by employing the discussed technique in part (b) on the above data.

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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.