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Essay / Research Paper Abstract
This 24 page paper looks at the importance of forecasting in a business environment and looks at a ranger of forecasting methods, explaining how they can be used. The paper starts with basic supply and demand forecasting and moves onto statistical and trend forecasting, simulation and marketing models used to make forecasts. The bibliography cites 17 sources.
Page Count:
24 pages (~225 words per page)
File: TS14_TEforcasting.rtf
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Unformatted sample text from the term paper:
1. Introduction There are few certainties in business, one certainty is that the environment will change and the influences that exert forces
on the company will also change, sometimes to the benefit of the company and sometimes to its detriment. Change may present a company with many opportunities, but the unknown can
also increase the level of risk. Where changes are known in advance a firm may be able to plan and adapt to take advantage of the change or minimise the
risk. Where the changes are not foreseen the results can be disastrous, companies may be left with stock that cannot be moved a poor reputation, high debts, unneeded assets and
any number of other impacts. It is for this reason that companies may spend a lot of time and resources in order to try and forecast what the future may
hold. There are a number of areas of interest, with the level of importance attached to each is linked to the exposure of the individual organisation. The risk may
also influence the areas where there will be the desire it make forecasts for the future which may include any number influences, such as influences in the demand for the
goods which may include macro economic factors such as expected disposable income level movements, or other factors such as seasonal influences and even the weather. Other influences that will impact
on the business are equally as important, such as the economic factors that will have a direct influence on aspects such as debt and loan repayment, expenses and regulations. Some
elements that may be forecast can be relevant to both of the demand of the customers and also the operations of the company, for example, political forecasting can be important
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