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Essay / Research Paper Abstract
A 3 page paper discussing forecasting and budgeting at an apparel manufacturer. The result of the combination of an accurate forecast and a budget based on that forecast is function at optimum levels for the organization's success. Bibliography lists 5 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSmgmtForBud.rtf
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Unformatted sample text from the term paper:
forecasts have been the cause of high stock inventories or shortages in supplies of goods intended for retail sale. The apparel division of On Your Mark seeks to develop
a reliable method of developing financial forecasts. The purpose here is to assess forecasting methods and examine the role of the forecast in devising management and operating budgets. Forecasting
There are many ways that forecasters can approach the forecasting tasks before them. There are prescribed methods, some of which are: *
Market forecast * Sales potential * Sales forecast * Survey of buying intentions * Time series: Trend projection, Na?ve method * Decomposition * Moving average * Exponential smoothing *
Autoregressive moving averages * Correlation models * Regression models * Market factor indices: Buying Power Index (BPI)(Moncrief and Shipp, 1997)
Moncrief and Shipp (1997) say "there is no single best technique for forecasting" (p. 601); they also explain that the most accurate forecasts result
from combining two to four very different techniques. Though gaining an accurate sales forecast is important to the company, forecasting retail sales should be approached much more simply than
forecasting the next quarters GDP or likely movement in consumer prices. Simpler techniques are sufficient for On Your Marks needs, and the use of simpler methods also serves to
keep down the costs of forecasting. Further, the use of simpler, more straightforward techniques allows businesses and local governments to give more attention to those activities that can cause
the organizations to meet the forecasts they make. Too often in the past, forecasting for future sales or services has occurred in isolation
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