Introduction

As the name states, forecasting analysis is a type of analysis task performed by professionals using SPSS help whose results are used for presenting forecasting suggestions, especially in the case of business organisations for different business activity purposes. For business purposes, regression analysis is the most commonly used as one forecasting analysis technique that analyses relationships of variables as a prediction tool. Added to this, it is also true that there is not only a single method to perform forecasting analysis; there are many more in this list, all utilised according to the situations and backgrounds. The task of forecasting data analysis is simply a process of bringing out the future by analysing the past and comparing it with the present. As an example of a business perspective forecasting analysis, it can estimate the business revenue for the forthcoming business year. This estimation is prepared by comparing the records and the present revenue graph. This forecasting uses the actual data to predict future revenue, which can be achieved accordingly.

Forecasting

Forecasting is a technique suitable for applying historical qualitative data analysis in the form of data inputs which are later transformed into informed and calculated predictive estimates for determining the forthcoming directional pathway to route all the future strategies and trends of the business. Forecasting is applicable in various fields, and one such field is the business field, where forecasting is very helpful in taking major business actions. The forecasting regression analysis in business allocates the upcoming budgets and plans to anticipate all future business period expenses. The forecasting practice is based on the projected business demands of the organisational products and services they offer their customers. Not only for products and services but forecasting data analysis is also utilised for financial projections in companies, estimating the profits or losses or sales predictions too, which involves a specific type of prediction – forecasting time series analysis, since in financial estimations, time factor matter the most. Here, all these forecasting tasks are done through many kinds of software and SPSS data analysis is one such kind that is mostly used.