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Forecasting and Production Student Name Institutional Affiliation Date Forecasting and Production Strategic Forecasting and Production Strategic forecasting acts as a cornerstone for ensuring that production aligns with long-term business objectives. Businesses need to ensure that their current activities align with the future needs of the company (Ghonimet al., 2022). This allows businesses can optimize the allocation of resources since businesses can make informed decisions regarding resources like capital investments and workforce management. Businesses face challenges when determining future needs and can easily make mistakes when they do not plan well for the future. Businesses can not only cater to today's needs but also to future production requirements. Strategic Forecasting and Production With strategic forecasting and production, businesses can meet the current needs and position the business for future growth and sustainability. Businesses can adjust their production strategies to maintain their competitiveness in an ever-evolving market. The current business environment is very competitive, given that businesses are competing on a global scale (Farida & Setiawan, 2022). Moreover, through forecasting, businesses can anticipate production needs. For instance, if a business anticipates changes in consumer preferences, it can adjust accordingly to meet the new demand. Limitations of forecasting on labor models While forecasting plays a major role in the planning of labor, its effectiveness is limited by unpredictable market dynamics. Changing market conditions make it challenging to accurately predict labor using existing models. Additionally, labor markets keep on changing due to the complexity of human behavior. Human factors play a major role in the...