Trend series method
This is the most common forecasting method since it uses past data that has shown reliable results. Simply use this historical data to identify common patterns over time.
This approach follows different sets of indicator data that help predict potential influences on the general economic conditions, specific target markets, and supply chain. Some examples of indicators include changes in Gross Domestic Product (GDP), unemployment rate, and Consumer Price Index (CPI).
Businesses can easily predict how these potential influences could affect business needs and profitability by monitoring and observing how they interact with one another. This approach would be the most effective for companies heavily affected by specific economic factors.