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4.3
Sales
Forecasting (HL)
Using historical data and market research, businesses aim to determine future sales revenue by preparing sales forecast models. These models will help the business allocate appropriate resources to areas of staffing, production and marketing in order to meet or exceed sales forecasts efficiently - the more accurate the forecasts, the leaner the business can operate whilst maximising revenue despite various fluctuations. A variety of different models are used as well to calculate and extrapolate the results.
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