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To decide which of these methods are best to use for forecasting, time horizon to forecast, data availability, accuracy required, size of forecasting budget, and availability of qualified personnel should be taken into consideration (Chase, Jacobs, & Aquilano, 2006). Time series analysis uses past data to try to predict future events...

Time series analysis uses past data to try to predict future events. Therefore, this type of forecasting does not work for newly formed companies, but this type of forecasting method does work for companies that have many years in the industry.

Seasonal forecasting is a form of forecasting that also uses historical data to predict sales within a certain season, such as spring for flowers, fall for harvest, or summer for travel...

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