Forecasting

written paper should meet the following requirements:

Be 2 pages in length, which does not include the title page and reference pages

Embed material concepts, principles, and theories from text book which require supporting citations along with at least ** 2 scholarly peer-reviewed references in supporting your answer**.

Text book
Stevenson, W. (2018). Operations management (13th ed.). New York, NY: McGraw-Hill Irwin. ISBN-13:9781259667473

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Demand forecasting results in an estimate of future demand and gives an organization a basis for planning and making sound business decisions. Since the future is unknown, it is expected that some errors between a forecast and actual demand will exist, so the goal of a good forecasting technique would be to minimize the difference between the forecast and the actual demand.

Address the following requirements:

Articulate the difference in short and long-term forecasts, forecasting techniques, and the benefits and challenges of each technique.

Create a forecast for a situation with which you are familiar (personal or professional) explaining the situation and why you chose the method of forecasting that you did.