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Forecasting - Essay Example

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Various techniques can be applied to achieve the objectives of forecasting. While the word forecasting might appear to be somewhat technical,…
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Forecasting
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Download file to see previous pages Good judgment, intuition, and an awareness of how the economy is doing might give the management an idea of what is likely to take place in the future. Nonetheless, it is not east to change a belief concerning the future into a useful and precise number. Forecasting techniques can assist in estimating various aspects of a company operation. All forecasting techniques can be split into two wide classes: quantitative and qualitative. Most of the forecasting methods use historical or past data in time series.
Time series is just a set of examinations measured at consecutive points in time or over consecutive periods. Forecasts provide future elements of the time series on a particular variable like sales volume. Division of forecasting techniques into quantitative and qualitative classification is based on the accessibility of time series information (Zech and Nallau, 5-57).
Forecasting is a tool that assists management in its effort to tackle future uncertainties. It is mainly based on information from the present, past, and evaluation of trends. Forecasting begins with some assumptions based on the business’s knowledge, experience and ...Download file to see next pagesRead More
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