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1.) What is the purpose of creating forecasts?

Forecasting produces a handful of potential benefits and it helps a business to be on its

edge. Forecasting may not be as accurate as the other tools used in business but still it helps the
company in looking at the bigger picture. If a company is able to predict the future they can use
this when performing tasks thus, having a sense of direction. This will give you the idea as to
how you should behave in the market and as to how you are going to be at an advantage out of
all your competitors.

Forecasting is very much critical depending on how you are going to use the forecasted
information, meaning it is of the essence of time. Forecasting helps you in making your target
market satisfied if you have done your forecast right, you can say that they are satisfied when
they acquire a product that they need and at the time they need it. Forecasting may also reduce
the costs that your disburse as against that of the benefits that you can derive from it. Through
the right forecast you will come up with the almost perfect budget.

2.) Differentiate quantitative from non-quantitative means of forecasting

A quantitative means of forecasting may be more accurate for it uses measurements and
some mathematical formula in coming up with a forecast. It is purely scientific when it comes to
its basis. And it uses the numerical data that is presented in each case of forecast and
transmutes this numerical data into the identified equation that best suits the problem and
produces a forecast better than produced out of an opinion.

A non-quantitative means of forecasting may not be as accurate as that of the

quantitative means of forecasting though in some cases it is somehow scientific in nature. These
are forecasting made through opinions of an expert through the use of analytical procedures at
some point and sometimes they also use research to produce a variable that is accurate and
reliable.

3.) What is a causal system?

It a system wherein there a exists a co-dependence with the values processed from the
future and uses only that of the output information or input information use from the past or at
the present time, respectively. It is the essence of use of details from the past and present that
makes it a necessary and sufficient requirement for it to be considered causal.

The causal system have its parallel counter-part which is the so-called anti causal which
is the exact opposite of the causal system that solely uses present information to be able to
procure an effective outcome. A causal system has different sub units and it may be very
complex at some point if you are to dig dipper than what you visualize on the fundamental ones.