Business forecasting, Applied Statistics

Meaning and Definitions of Business Forecasting

The problem of business  forecasting  refers to the  analysis  of the past and  present economic  conditions. With  the objective to draw conclusions  about  the  future  course  of business events  and happenings.

In the  words  of Henry fayol the father of the tern business forecasting  business     plans are divided into different small separate  plans which are called  business  forecasting .Most  of the plans  are based   on some  future anticipatory  results. According  to him  forecasting means  looking  into  the future, It may  be  for a day , for a week, a month , a year 5 year  or 10 year  period,

Anderson has defined  it as, a forecasting  is nothing more  than  an estimate  for a future condition.

According to Lenonard  S Silk  business forecasting  is the analysis  of statistical  data and other economic.  Political, and market   information for the purpose of reducting  risk   involved  in making  business  decisions  and long range plan. Similarly Neter and  Wasserman  opine. Business forecasting   relates to the statistical analysis of the past and current movement in the stipulated time series so as to  obtain  clues  about  the future  pattern   of those movements.

Leo Barnes observes  as forecasting  is a systematic  attempt  of the  pre voyanee  based on known facts and conclusions.

According to simpson and kafka in statistics, the  term  forecasting  refers  to the extending  or projecting  time  series  into  the future, based on past  behaviour  of the quantitative  data.

Posted Date: 9/27/2012 7:04:54 AM | Location : United States

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