Case Study on Business Forecasting:
Business forecasting is the process of predicting of the activity and development of business in the following year. Sometimes it is possible to confuse business forecasting with business planning but these processes are not the same, as the latter is a more serious one and requires deep investigation and analysis. Business forecasting is a flexible process which can be conducted in different parts of the year and its aim is to build the constructive plans for the future thinking about the details of production, the possible change or improvement of strategy, etc.
Business forecasting starts form the creation of the approximate plans for the future work of the company. The employer begins to predict the possible development of the firm, makes plans and decisions but he has to be always on the safe side taking into account possible risks and failures.
Then, business forecasting is aimed at the introduction of innovations into the process of production, because the development of business is a continuous and dynamic process. A company can bankrupt if the development stops, so one should think about constant renovation and improvement of the intensiveness of production. Next, it is very important to plan the discounts and sales beforehand in order to avoid chaos and misunderstandings during this process, so one should think about the goods and services which will be discounted and think about the best terms which would be suitable for customers. Finally, one should think about the clients or the target audience and their interests and preferences and carry out the process of forecasting taking into account their expectations and needs.
Business forecasting is the process of the prediction and approximate planning of the activity of the firm in the nearest future. The student who has chosen the issue on business forecasting should dwell on the analysis of the case site, collect information about the problem and its elements and focus on the possible solution of the problem on business forecasting in the definite firm. The student can evaluate the forecasting defining its pluses and minuses and thinking about the alternative solution of the case. The young professional should treat the assignment critically and observe the case on business forecasting from all sides.
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