An organization faces several internal and external risks ineconomic decision, such as high competition, failure of technology,labor unrest, inflation, recession, and change in governmentlaws.Therefore, most of the business decisions of an organizationare made under the conditions of risk and uncertainty.Anorganization can lessen the adverse effects of risks by determiningthe demand or sales prospects for its products and services infuture. Demand forecasting is a systematic process that involvesanticipating the demand for the product and services of anorganization in future under a set of uncontrollable andcompetitive forces.
Question 01: In your opinion, explainwith examples how Economic Decision analysis isimportant in Demand Forecastingand cost.
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Note: Please give a good answer at least 500 words withgood headings and please do not copy paste frominternet
