How should forecasting in the company be done

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Reference no: EM131911751

Question: 1. Describe the difference between fit and prediction for forecasting models.

2. In the Stokely Company, marketing makes a sales forecast by developing a sales force composite. Meanwhile, operations makes a forecast of sales based on past data, trends, and seasonal components. The operations forecast usually turns out to be 20 percent less than the forecast of the marketing department. How should forecasting in this company be done?

Reference no: EM131911751

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