In modern business environments, organizations will rely extensively on a range of
management tools and techniques such as forecasting in order to make strategic
decisions. Forecasting is a critical business activity in that it enables the organization
to align the pace of resource allocation to changes which are expected within an ever
changing business environment (Makadok and Walker, 2000; Durand, 2003). As a
result, forecasting enables organizations manage their fixed costs and enhance
efficiencies and performance