Business Forecasting in Practice: Principles and Cases

Business Forecasting in Practice: Principles and Cases

Business Forecasting in Practice: Principles and Cases

Business Forecasting in Practice: Principles and Cases

Excerpt

A great many people are interested in the future levels of business activity. This interest may arise out of the individual's personal planning, or out of his responsibilities in the organization for which he works. The use of forecasts or evaluations of the business outlook is widespread in the operation of all types of business as well as in governmental, labor, and other organizations.

Manufacturing firms must estimate the volume of their future business in order to plan internal operations such as production, purchasing, and employment. Such estimates are essential also to the customary company budgeting processes. Financial, trade, service, and transportation firms also use evaluations of business conditions in arriving at operating decisions. Some governmental policies and legislation are based in part on forecasts of production, income, employment, etc. The policies and programs of other groups such as educational institutions, labor organizations, churches, and hospitals are also influenced by estimates of future business conditions.

In order to arrive at these individual decisions the general business evaluation or forecast must be converted into more detailed estimates. Not all types of industries or organizations are affected in the same way or to the same degree by changes in the general situation. Special . . .

Author Advanced search

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.