Effectiveness of projections and forecasts
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What are the ramifications to the firm to which you are most closely aligned or are analyzing if one or more of your projections/forecasts do not hold true? What should the firm do if, during implementation, you find that you overstated or understated your projections?
In the firm to which you are most closely aligned or one in which you have been aligned in the past, have you ever had an experience in which there was a significant breakdown in the forecast and the firm had to make major changes quickly in order to avoid major challenges? Describe what happened, what changes were made and the outcome after change.
How effective do you believe the firm to which you are most closely aligned is at forecasting? Briefly describe the process that is used.
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The response addresses the queries posted in 882 Words, APA References
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The response addresses the queries posted in 1033 words with references.
//Before writing about the ramifications of forecasting, it is essential to gain knowledge about the main features of forecasting. One should know about the functions and role of forecasting process, which further will assist in understanding the ramifications in an effective manner//
Forecasting is the procedure of approximation in obscure situations. It is used for the pattern of Consumer Demand Planning in day-to-day business prediction for construction companies. The subject of demand planning is also related to supply chain forecasting that covers both statistics forecasting and a consensus procedure. Forecasting is normally used in discussion of time-series data (Firth, 1975).
//Above is the discussion of forecasting process and its functions. Moving to the next direction, explanation of ramifications of forecasting procedure is to be thrown light upon//
The forecasting process consists of several complications, as it is not an easy task to project the statistical figures for a firm. Similarly, it is also difficult to forecast the consequences of implementing a particular organizational practice. In an organization, uncertainty is the biggest factor, which can prove the projections wrong. Many a times, events related to economic activity take place, sometimes suddenly and sometimes in an uneven manner. Adequate information about the current situation is necessary; otherwise there can be errors of judgments in statistical projections. It is also essential that the current information should be related to the concerned activities.
Another complication is to make the proper use of the available information i.e. to interpret it properly, which requires accuracy in judgment. But, there is no guarantee of ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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