Holley is starting a new business and is trying to forecast sales. She has owned two other businesses, one of which was in the same industry as this new venture. Discuss the implications for forecasting for the new business. What could she do to increase her forecasting success?
What will be an ideal response?
Conditions that will make forecasting easier include her past experience. She should be familiar with forecasting techniques since she has owned a business in the same industry before this proposed operation. However, forecasting could also be more difficult because the operation is new. Joining the trade association of her industry might provide her current information. Also, subscribing to a professional forecasting service would help her increase her general business knowledge.
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