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for the purpose of using the information gained to project future business ...
Forecasting in business. ... Business forecasting. Retrieved February 14, 2006, from
http://www.bized.ac.uk Chase, RB, Jacobs, FR, & Aqualino, NJ (2006). ...
... Since the external organizations are solely dedicated to the forecasting business;
they usually provide adequate and accurate information. ...
Submitted by firemanswife on August 12, 2006
Category: Business
Words: 1498 | Pages: 6
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Forecasting in Week Four
Forecasting is an integral part in planning the financial future of any business and allows the company to consider probabilities of current and future trends using existing data and facts. Many times, this unique approach is used not only to provide a baseline, but also to offer a prediction into the corporationˇ¦s future. Planning problems, whether dealing with services or merchandise, can cause any manager headaches easily solved by forecasting. It is important that any manager realizes that the past is a key to the future. Although no long-term plan is perfect, using the correct forecasting tool, along with continual evaluation, allows the manager to review and update corporate financial plans.
Types of forecasting
Forecasting can be classified into four basic types: qualitative, time series analysis, causal relationships, and simulation (Chase, Jacobs, & Aqualino, 2006, p. 513). The purpose of forecasting is to translate experience from the past into an educated guess for the future. Each of the four types has its own merit and can be useful to the business manager. The type chosen will be determined according to the result of the forecasting prediction that is desired.
A qualitative forecast involves observation, is expressed in terms of quality, and most often is subjective. It is non-numerical and involves the opinions or views of the appropriately educated individuals making the forecast. Many managers prefer using their own judgments of those of other professionals rather than using information produced by a computer. Examples of qualitative forecasting methods are the Delphi method and the market research method.
Causal and time series forecasting are both examples of quantitative forecasting and involve the use of numerical data and make specific the hypothesis and procedures to produce forecasts. Quantitative forecasting can only be used when the information being forecast has past...
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