In forecasting, the term forecasting horizons is quite often used.
Forecasting horizons are divided into short, medium and long terms. But what makes them different from each other, and what are their needs and uses?
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There are three forecasts horizons.
Long term forecast horizons
Medium-term forecast horizons
Short term forecast horizons
Forecasting needs and Uses
Forecasting is used across almost all industries. Below are some of the sample uses in short terms forecast horizons.
Management of existing resources
Acquiring additional resources
Determining what resources are needed
The forecast time period can help to determine what approach to take.