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    Forecasting as an Efficient Business Practice

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

    © BrainMass Inc. brainmass.com October 10, 2019, 5:10 am ad1c9bdddf
    https://brainmass.com/economics/finance/forecasting-efficient-business-practice-495434

    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 ...

    Solution Summary

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

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