FORECASTING PROCESS

FORECASTING PROCESS

Hello David, your post on Forecasting in recruiting is well put, and I compliment you on it. As a process, forecasting estimates the future based 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 increases 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 to forecast successfully, an analysis of the real problem should be the top priority followed by the establishment of periods within which the problems fall. A data collection exercise closely follows with strict adherence to a 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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