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afreen_zahid16

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hi.. this should be usefull, its information abt the forcasting,, hope its of use
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Kalpana Heliya

Par 100 posts (V.I.P)
Lets understand the Importance of Sales Forecasting in Business Forecasting:

Forecasting has been described as an attempt to foresee the future by examining historical data and patterns and applying judgment to projections created from those patterns.

Forecasting technicians might say that the art of forecasting consists of generating unbiased estimates of the future value of some variable, such as sales, on the basis of past and present knowledge and experience.

Simply extending past sales data into the future using trend lines or some other simplistic technique do not constitute forecasting. Such extensions of past behaviors are merely mechanical functions; in order to be a true forecast, judgment must be applied.

Projections obtained as a result of the forecasting process are derived through an objective and systematic analysis of an appropriate amount of quantitative data collected from internal and external sources.

Data is unbiased, meaning that it is unfiltered, independent of subjective guesses or hunches. A manager carefully selects a forecasting tool, such as an equation or forecasting software and applies it to data. The result, when weighed and balanced against the influence of as many recognized variables as possible, constitutes a forecast.

Forecasts are not to be confused with guesses or intuition. Guesses are estimates of future happenings, but they are not necessarily unbiased or objectively calculated. Intuition is defined as the "ability to sense or know immediately without reasoning". The gut feeling a manager may defer to does not constitute a forecast. Although some managers will swear by the accuracy of their intuition, the chance of long-term accuracy without substantiation is doubtful.

To red it further please visit:
Forecasting Sales: The Importance of Forecasting in Business Planning, Page 2 of 2 - Associated Content
 
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