Discussion Questions - Assignment Example

RESPONSE RESPONSES Extrapolation is the use of estimation based on the existing values or sequence or fact where a person such as a manager or a researcher is able to estimate future events based on the existing data and information. For instance is values on the x-axis are 1,2,3 and the y axis are 1,2,3 then the next numbers would 4,5,6 through extrapolation on both axes respectively based on the existing figures. This should be used in mathematics when trying to find likely points based on existing coordinates.

Projection on its part refers to an estimation of prospective future events based on the current set of facts and conditions (Akay & Atak, 2007). For instance, if the government is gaining popularity due to youth employment policies, it likely that they would be re-elected back to office if they maintain the current and existing youth employment programme. It should be used in economic projections and political considerations when trying to gauge the direction of the flow of events as to whether the country is growing or not.

Forecast refers to estimation about a future event. This is to say that it does not rely on the existing or current facts because the things or set of conditions that would determine such occurrence do not depend on the present happenings. For instance, the weather report is an example of a forecast mechanism. In principle, it does not matter that it is raining in the current time, in the next two days it may be a sunny day. Thus, future happening would be informed by future occurrences and happenings.

Question 2Good collection strategy ought to encompass ability and impetus to retain the relationship and the affair that existed prior to the collection. This is to say that both parties should feel respected, satisfied and convinced about the eventual outcome of the collection process. In the human process and cycles, it may be emotional to force or to coerce a person say a friend to abide by the terms of the collection agreement. It would then mean and imply that the collector would be hurt because he or she would be forced to compromise his or her agreement and stance so as to accommodate the family ties or relationship or friendship.

Thus, so as to realize the maximum and optimum collection points and strategies, it would be proper and imperative for the collector to engage a third party who would be neutral and new to all the parties involved. It would thus be safe to use services of a collection agency which would make sure there are no emotional involvements for any of the parties concerned. ReferenceAkay, D., & Atak, M. (2007). Grey prediction with rolling mechanism for electricity demand forecasting of Turkey. Energy, 32(9), 1670-1675.