Explanation:

Forecasting—whether it’s business forecasting, human resources forecasting, or financial forecasting—is the process of using data, insights, analytics, and experience to make predictions and preparations to meet a specific business need. According to the Institute of Business Forecasting and Planning, “whether you realize it or not, virtually every business decision and process is based on a forecast.” 

Human resources or HR forecasting is an important activity for growing businesses. To be successful, growth-oriented businesses should periodically assess short- and long-term staffing needs based on projected sales, new product launches, market expansion, as well as other factors that might affect labor needs. An HR forecast should include the number of workers needed, the type of skills required to fill any gaps, and any costs or administrative tasks that will be required to increase or downsize your workforce.