Quantitative Techniques - Essay Example

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Business forecasting is the process of using previous data collected from different sources through suitable techniques to analyze and determine strategies and tactics for taking future business decisions. Many managers exist even in today’s corporate world who prefer to…
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Download file to see previous pages The social and economic scenario is in the constant process of undergoing change and is influenced by a number of external factors. As such, there are numerous controllable and uncontrollable parameters that today’s decision makers need to take care of in order to prepare a careful course that can navigate through all idenfied obstacles. If adopted, qualititative, well-structured and a well-planned business forecasting effort can yield the desired results. As such, apart from feeling the need to forecast, it is also very important to plan the forecasting process with great precision (John E. Hanke, Arthur G. Reitsch, 1989).
The rise in the growth and use of computing power to perform calculations has gained immense popularity among users. As such, with a good forecasting plan, one can easily perform the required analysis in a short time. Forecasting is used to identify a number of patterns that are deemed important to a company’s interests. It could include attributes such as the performance of stocks over a time period, pattern of sales, prices of essential raw materials, employee satisfaction surveys etc. a company can immensely benefit from business forecasting as these enable it to analyze its performance across various domains and also helps it compare itself amongst other competitors in the market. It enables the company to identify the segments that are not performing according to expectations and paves the way for adopting suitable solutions to overcome them. As the economy is dynamic in nature, there is an ncreasing need to prepare the future map in advance, which emphasizes the need for business forecasting.
In the recent years, business forecasting has adopted an extensive scientific flavor that includes the fusion of various business theories and techniques to forecast specific types of data. It can involve procedures as simple as spreadsheets to massive database networks that are performing trillions of ...Download file to see next pagesRead More
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