Describe the three forecasting time horizons and their use.

Forecasting time horizons are: short range-generally less than three months, used for purchasing, job scheduling, workforce levels, production levels; medium range-usually from three months up to three years, used for sales planning, production planning and budgeting, cash budgeting, analyzing operating plans; long range-usually three years or more, used for new product development, capital expenditures, facility planning, and R&D.