Develop forecasts by implementing the following approach:
- Collect data, including old demand forecast (subjective data) and the actual demand outcomes.
- Establish the forecasting method (from readings). Decide on the balance between subjective and objective data and look for trends and seasonality.
- Forecast future demand using a forecasting method.
- Make decisions based on step 3.
- Measure the forecast error where applicable. Look for biases and improve the process.
Evaluate the findings from the supported data points above, and explain the impact of these findings on operational decision making.
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