Forecasting in Business

Forecasting in Business

Hello Lasandra, your post is very informative, and I congratulate you. Forecasting in business is one of the most crucial operations in business as it determines the future events using an examination of past and present behavior. In my opinion, forecasting can be challenging since it is not possible to predict the future with certainty. Because of this complexity, both qualitative and quantitative data should be used in forecasting since no particular data can provide complete information on its own hence need for integration (Lawrence & Klimberg, 2017). Consequently, business management needs to invest time and resources to undertake this process with success.

To begin with, business management should develop the basis for undertaking a forecast. Once this foundation is developed, data is collected to estimate future operations and a regulatory framework developed to compare forecasts with actual operations.  When the whole process is put in place, it will be a requirement that the business managers review the process to assess the adopted procedures so that improvements can be implemented for better outcomes (Lawrence & Klimberg, 2017).

References

Lawrence, K. D., & Klimberg, R. K. (2017). Advances in Business and Management Forecasting. Bingley: Emerald Publishing Limited.

 

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