"Prediction is a very difficult art, especially when it involves the future" -Neils Bohr (Nobel Laureate Physicist). "Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed" Wikipedia. Words such as predicting are also used to refer to forecasting. The art of forecasting into the future is not only very vital but important exercise to many stakeholders in diverse industries Pharmaceutical Distribution Company - The ultimate purpose of running a for-profit organization is to maximise the profit for shareholders. In other words, all organization is trying to increase their revenue and reduce costs at the same time. Inventory is the largest single investment in assets for a distributor. As such, the associated cost of carrying inventory represents a significant portion of the costs of running most businesses. Reducing inventory levels and therefore, cost associated with carrying inventory contributes to increasing profits within an organization. As an important component of the business, inventory serves the organization in achieving economies of scale, balancing demand and supply, as protection against uncertainty, and as a buffer throughout the supply chain. As a result, it is critical to control inventory at appropriate levels in order to pursue the greatest profits for the organization (Stock & Lambert, 2000). Strategic planning for the future is extremely important in any business to make definitive action. Owing to its great importance, the knowledge of forecasting has been growing very rapidly in modern times. Enhancing sales and operations planning through forecasting analysis and business intelligence is demanded in every industry and business. Many forecasting models have been developed to empower people in decision-making for various application areas. In business activities, forecasting technologies have become in dispensable tools in a wide range of managerial decision-making processes, such as finance, banking, investments, employment, mortgages, and loans (RatnadipAdhikari- 2013 ).
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