Why forecast, when you would know the outcome eventually?
• Early knowledge is the key, even if that knowledge is imperfect
– For seQng producHon schedules, one needs to forecast sales
– For staffing of call centers, a company needs to forecast the demand for service
– For dealing with epidemic emergencies, naHons should forecast the various flu
Seasonal Component
• Regular paKern of up & down fluctuaHons
• Due to weather, customs etc.
• Occurs within one year
• Example: Passenger traffic during Еще
