Which statement regarding the steps to forecast the sales is NOT correct?

Question 9 options:

	When a venture is the pioneer in an industry, it is difficult to forecast its financials.
	For the established firms "bottom-up" and for the new ventures "top-down" are common approaches for the sales forecast.
	Competitors' operating information may be used as one of the useful references to forecast a venture's sales.
	For an early-stage venture, the forecast of the firm's financials begins with the firm's historical sales.
	Since future state of the economy is unknown, scenario analysis can be helpful for the sales forecast.