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Essay / Research Paper Abstract
This 4 page paper discusses the importance of forecasting and the difficulty of forecasting in an unstable economy. The writer comments on two forecasting methods. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGfrcs9.rtf
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Unformatted sample text from the term paper:
how many students will be in a certain school, how many product sales will be made or even how much the utilities will cost the organization. Forecasting is not
as reliable as it was years ago. A survey by Inc. found that almost one-third of companies were worried about forecasting this year (Wehrum, 2009). Some of the respondents commented
that trying to build next years budget is all but impossible because the economy has been changing so quickly (Wehrum, 2009). In years gone by, business owners and executives could
fairly accurately forecast sales growth but given the last several months, many are reviewing their forecasts on a monthly basis (Wehrum, 2009). They are still using the data theyve used
in the past, e.g., sales numbers but they can no longer depend on those as a basis for this or next years numbers (Wehrum, 2009). As Adeyemi (2009) said, forecasting
is a tool all businesses use to safeguard the business and to work towards goals and objectives. This author goes on to say that every decision made in a company
needs to be made with thought about how that decision will affect the companys future (Adeyemi, 2009). The importance organizations place on forecasting is witnessed by the fact that over
the years, forecasting has become a sophisticated activity rather than the rather informal activity it was for so many decades (Adeyemi, 2009). The central purpose of forecasting is to allow
the company to make decisions regarding a course of action that will lead to the desired outcome. There are at least two assumptions about forecasting every manager should know: *
The future cannot be predicted with certainty no matter how good the forecasting process is (Walonick, 2009). * There will always be blind spots, things that the organizations cannot
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