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How is business forecasting used?

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What is business forecasting? Describe the important uses of business forecasting.

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This solution discusses the use of business forecasting in budgeting and estimating sales etc. in 529 words.

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Describe the uses of business forecasting.

There are many uses of business forecasting. Usually this is done with the objective of projections for future costs, revenues, and opportunities. For instance, business forecasting alerts the business to changing tastes of the customers and so it plans its product development in areas where demand has been forecast to improve. One of the most important objectives of business forecasting is to be able to use the forecasts for production planning, marketing communications planning, and manpower planning. For instance, if a firm is making mobile phones and forecasts show a high increase in demand for smart phones, the business will proceed to increase its production of smart phones, will spend more on the product development of smart phones and will recruit persons who have the technical know-how and experience in making/selling ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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