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    Tools for Forecasting, Pricing, and Labor Market Analysis

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    What are the appropriate tools to use for forecasting, pricing, and labor market analysis for your organization?

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    What are the appropriate tools to use for forecasting, pricing, and labor market analysis for your organization?

    Appropriate tools to use for forecasting:

    There are a number of tools that can be utilized by the organization. The only prerequisite is the presence of historical data. Forecasting may be done using a moving average, exponential smoothing, and regression analysis. Bear in mind that, in forecasting the data, it is better to compute using all the available projection methods. A mandated computation of the mean absolute deviation (MAD) for all the methods is highly recommended. The forecasting method that has the lowest MAD is the best projection method of that data.

    Manual computation is only applicable for small data sets. When doing complex real-time projection that needs to be repeated more than once a day, manual computation falters. Forecasting software can be good forecasting tools and can handle more data.

    Software solution on Data Forecasting

    1. Gnumeric (This is free software and can be downloaded at http://gnumeric.en.softonic.com/)
    Gnumeric is a spreadsheet program used to manipulate and analyze numeric data. Gnumeric can help you keep track of information in lists, organize numeric values in columns and rows, perform and update complex calculations by defining each step of the calculation and modifying particular steps subsequently, create and display or print graphical plots of data using bar plots, line graphs, pie charts or radar charts, implement complex optimization modelling or perform many other tasks involving numbers, dates, times, names or other data.

    2. Forecast Pro (This is commercial software but you can try the demo at http://www.forecastpro.com/products/overview/index.htm )
    Forecast Pro is fast, easy and accurate forecasting software for business professionals. With Forecast Pro, you provide the historic data for the items you are forecasting and Forecast Pro does the rest. The built-in expert selection mode analyzes your data, ...

    Solution Summary

    The solutions identifies specific application for use as tools for forecasting, pricing, and labor market analysis.