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Essay

Forecasting Basics

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Issue:

Miscellaneous

 

Written by:

Cecil B

 

Date added:

October 9, 2014

 

Level:

University

 

Grade:

B

 

No of pages / words:

16 / 4260

 

Was viewed:

5352 times

 

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Essay content:

For example, a retailing firm that has been in business for 25 years can forecast its volume of sales in the coming year based on its experience over the 25-year period?such a forecasting technique bases the future forecast on the past data. While the term "forecasting" may appear to be rather technical, planning for the future is a critical aspect of managing any organization?business, nonprofit, or other...
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In fact, the long-term success of any organization is closely tied to how well the management of the organization is able to foresee its future and to develop appropriate strategies to deal with likely future scenarios. Intuition, good judgment, and an awareness of how well the economy is doing may give the manager of a business firm a rough idea (or "feeling") of what is likely to happen in the future...
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