Discuss forecasting methods used in a modern corporation. Include qualitative and quantitative methods commonly used.
Forecasting utilizes past data to predict the future. The ability to forecast the future is very vital to the profitable existing of modern corporations. With it, corporations can respond efficiently to the needs of the business.
Free MBA Resources (2008) clearly illustrated the following advantages of forecasting to modern businesses:
(a) Forecasting plays a key role in managerial planning and supplies vital facts and crucial information.
(b) Forecasting improves the quality of managerial personnel by compelling them to think through the future, to look ahead and to make provision for it.
(c) Forecasting ensures better utilization of resources by extending the frontiers of control in several directions and by revealing the areas where control is lacking.
(d) The employees are trained for accepting changes without any serious resistance as well as for facing unexpected occurrences courageously.
(e) Forecasting steers the ...
The solution describes quantitative and qualitative forecasting methods used by modern corporations. This solution is 432 words and includes four references for further inquiry.