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Another reason that forecasting is a difficult task is that he would also have to incorporate the weather and any major events that are scheduled. In the end, he must forecast well or lose his job.
Forecasting consist of a large number of variables. It is a way of intelligently guessing what will happen in the present, based on what happened in the past. Forecasting allows managers to prepare for the future as well. There are several things we believe about forecasting: 1. We can not be 100% certain of what the future holds. No matter what we think we know and no matter what method of forecasting we use. 2. Things that we can’t see coming, such as a snow storm or tornado, will always be a possibility. 3. Forecast can be used by any organization, corporate or governmental to help set policy or budgets for the present or the future. There are several forecasting methods out there, so I will address the ones that are most commonly used by the companies that I have worked …show more content…
As with stock brokers, they usually show some sort of trend dealing with numbers of how stocks perform traditionally and how they are predicted to perform, mathematically, in the future. An analogy that deals with hypothetical or metaphorical would be how termites grow inside a wall, would be a means of describing how cancer spreads in the body. A game analogy would be how chess players compete with each other, and how two people applying for the same job would compete. Genius forecasting - intelligent guess and a little bit of luck. There were quite a few people, known as prophets that were said to be ones that could predict the future. Some science fiction writers have written quite a few book and articles that were very close to the actual events that occur. There have been so many predictions made by women and men all over the world. Some predictions are right on, like betting on a sports game or gambling at a casino, while other predictions are so far off that one would be ashamed of themselves if they were going around telling people that they were psychic. The problem with genius forecasting is it is impossible to determine if the forecasting was a good forecast or an actually good …show more content…
Nonetheless, sales forecasting is a necessary tool to assessment the company. Forecasting takes the pulse of the company and determines if the company is on track or off track when it comes to meeting its sales and profit objectives. Analysis have to keep taking the pulse of the company on a daily, weekly, monthly and annual basis. A sales forecast should give you statistical data that can be transferred to graphs, reports, and spreadsheets to communicate the condition of the business to others so that they can make the appropriate adjustments. Quality forecasting can make the difference between staying in business and going out of business. It is a crucial part of the company’s budget and success. The future of the company and its direction, hinges on the forecasting that is done by its
Forecasting consist of a large number of variables. It is a way of intelligently guessing what will happen in the present, based on what happened in the past. Forecasting allows managers to prepare for the future as well. There are several things we believe about forecasting: 1. We can not be 100% certain of what the future holds. No matter what we think we know and no matter what method of forecasting we use. 2. Things that we can’t see coming, such as a snow storm or tornado, will always be a possibility. 3. Forecast can be used by any organization, corporate or governmental to help set policy or budgets for the present or the future. There are several forecasting methods out there, so I will address the ones that are most commonly used by the companies that I have worked …show more content…
As with stock brokers, they usually show some sort of trend dealing with numbers of how stocks perform traditionally and how they are predicted to perform, mathematically, in the future. An analogy that deals with hypothetical or metaphorical would be how termites grow inside a wall, would be a means of describing how cancer spreads in the body. A game analogy would be how chess players compete with each other, and how two people applying for the same job would compete. Genius forecasting - intelligent guess and a little bit of luck. There were quite a few people, known as prophets that were said to be ones that could predict the future. Some science fiction writers have written quite a few book and articles that were very close to the actual events that occur. There have been so many predictions made by women and men all over the world. Some predictions are right on, like betting on a sports game or gambling at a casino, while other predictions are so far off that one would be ashamed of themselves if they were going around telling people that they were psychic. The problem with genius forecasting is it is impossible to determine if the forecasting was a good forecast or an actually good …show more content…
Nonetheless, sales forecasting is a necessary tool to assessment the company. Forecasting takes the pulse of the company and determines if the company is on track or off track when it comes to meeting its sales and profit objectives. Analysis have to keep taking the pulse of the company on a daily, weekly, monthly and annual basis. A sales forecast should give you statistical data that can be transferred to graphs, reports, and spreadsheets to communicate the condition of the business to others so that they can make the appropriate adjustments. Quality forecasting can make the difference between staying in business and going out of business. It is a crucial part of the company’s budget and success. The future of the company and its direction, hinges on the forecasting that is done by its