ABSTRACT
I. INTRODUCTION Planning and forecasting are processes that should precede all future action. These processes ensure that management continually looks forward and works to maximize the resources of the business. The planning activity asks the questions of what has to be done, when, and how. Forecasting supports the planning activity by utilizing data from the past to calculate numerically based projections for the future. Consequently, forecasting must be an integral part of planning. Planning also tests the quality and coherence of management’s objectives and helps to develop a common understanding of them.
