Purchase Solution

Forecasting as an Efficient Business Practice

Not what you're looking for?

Ask Custom Question

In your opinion why do you think forecasting is an efficient business practice?

Purchase this Solution
Solution Summary

The solution cites instances where forecasting is necessary in business operations. Why forecasting is an efficient business practice is determined.

Solution Preview

One requisite of an efficient business practice is knowing when to produce and how much (quantity) to produce. Forecasting provides the necessary input on production decisions.
Forecasting is a tool toward efficient business practice. Forecasting serves marketing people, salespeople, and managers.

Player (2010) specifies how forecasting drives businesses toward profitability:
- Marketing people need forecasts to estimate the expected demand ...

Purchase this Solution
Free BrainMass Quizzes
Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

View More Free Quizzes
Related BrainMass Solutions

  • Parker Earth Moving: Implement revised business practice using forecasting

    Understanding of customer needs is at an all-time low. 1. Recommend a way to implement revised business practice that will achieve profitability based on forecasting. 1.

  • Public-Health Business Skills

    To conduct business without forecasting the return of investment, will result in a very wasteful enterprise. Revenue generation is a must for the facilitation of an efficient program such as the one described in this article.

  • Effectiveness of projections and forecasts

    As per the directions, now I will move towards the explanation of efficiency of the firm in the process of forecasting// The firm is efficient in the process of its forecasting, as it involves all the required tools & techniques, which are essential

  • Managerial Economics

    It can also be applied in planning and control of the business. Forecasting is an important area where Managerial Economics can be used. Forecasting is the prediction about the future.

  • The Collaborative Planning Forecasting Replenishment System

    One of the cons of this aspect of the system, is the fact that the system is only as strong as its weakest link, and if any of the businesses do not carry out their duties within the system in a highly efficient and effective manner, then there is an

  • Opinion Polling Webpage

    Anna, 108710 Polling In my view, I consider economic forecasting as useful tool not only in business management, but also in public administration. In the business setting, sales, particularly, have always been created a forecast.

  • Demand Management and Forecasting in Business

    All these techniques are useful for the business firms in doing the forecasting in an effective manner.

  • knowing (or estimating) the product demand

    In your response, include an example of a business that has suffered from poorly estimating the demand of its products. Evaluate how or why the business made such a mistake.

  • John Thistle Case Study

    Many companies have now positioned forecasting as a critical business process that is repeated at least on a monthly basis.

View More Related Solutions