Forecasting process in employment

FORECASTING PROCESS

As a process, forecasting estimates the future basing on present and past data. Forecasting provides useful information on potential future happenings and possible consequences such happenings may have on the organization (Gilliland, Tashman and Sglavo, 2015). Even if forecasting may not lower uncertainties and complications of the future, it boosts a management’s confidence to make important decisions. To make these important decisions, an organization needs to use both quantitative and qualitative data. As you have put it, neither qualitative nor quantitative data can produce all forecasting accurately therefore an integration of both forms of data would prove useful.

To undertake forecasting successfully, an analysis of the real problem should be the top priority followed by establishment of periods within which the problems fall. A data collection exercise closely follows with strict adherence to collection of relevant data to work within the provided period. Consequently, with data collected, monitoring future events against past trends to evaluate success of the forecast is undertaken

References

Gilliland, M., Tashman, L., & Sglavo, U. (2015). Business forecasting: Practical problems and solutions.

 

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