What is a Forecast?

A Forecast is the estimation and tracking of future sales of a product, typically using historical sales data and inputs from sales and marketing teams.

To predict short and medium-term sales, detect problems early, find solutions quickly, reduce inventory, and improve customer service.

Forecasting can be done using both quantitative and qualitative data.

Uses historical sales data as a basis for predicting future sales, but does not guarantee future performance.

Relies on subjective assessments within the company, such as from sales and marketing teams, to inform the forecast.