Discuss the uses of Business Forecasting.

Prepare a 5-6 page report (excluding the cover page, the reference page, and any tables and graphs), which describes the uses of business forecasting. You need to include at least one real world example and apply at least two different methods of forecasting presented in Chapter 5. Please present both your raw data and your two numerical forecasting results from your two chosen forecasting methods. APA format and appropriate use of section headings are required. (LO 1, 2, 3, 5)

Hint: You need to collect at least one data series for your analysis in this assignment. Please include the name and the exact formula or Excel/QM function/output of each forecast method you applied to your analysis. For example, if you find GDP data from year 2000 to 2011, then you need to forecast the GDP in the next period, i.e. 2012. You need to select two different forecast methods. For each method, you need to provide the name of the method and your numerical forecast together with the formula or program output you used to get that number. (A verbal description by itself will not receive any credits. Please copy and paste in or attach your Excel Worksheet, which is a must to receive credits for statistical analysis.) Finally, please present your raw data either in a table or a graph. A graph is preferred as you can also illustrate how well your forecast may fit into the actual series. You do need to analyze your own data and cannot simply cite the statistical result published else where.

Here are two links you may use to get the data:the Bureau of Economic AnalysisandU.S. Bureau of Labor Statistics.

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