Describe the Forecasting method in managerial economics
It is a technique or a method to predict many future aspects of a business or any other operation. For illustration, a retailing firm which has been in business for the last 25 years can be interested in forecasting the likely sales volume for the coming years. Many forecasting techniques can be used to attain this goal. A forecasting technique for instance, can provide such a projection based on the experience of firm during the last 25 years; which is, this forecasting technique bases the future forecast on past data.