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Illustrate about forecasting in management
A forecast expert has been asked to provide quarterly estimates of the sales volume for a specific product for the next four quarters. How should he attempt at preparing the quarterly sales volume forecasts? Reviewing actual sales data for the product in question for past periods would give a good start. Supposing that forecaster has access to actual sales data for every quarter during the 25-year period firm has been in business. Using this historical data, forecaster can identify the general trend of sales. He or she can also determine whether there is a trend or pattern, like an increase or decrease in sales volume over time. An in-depth review of the data may unearth some type of seasonal pattern, like peak sales occurring around the holiday season. So by reviewing historical data, there is a high probability that forecaster develops a good understanding of pattern of sales in the past periods. Understanding these patterns can result in better forecasts of future sales of the product. Additionally if the forecaster is able to recognize the factors which influence sales, historical data on these factors (variables) can also be used to produce forecasts of future sales.
Opportunity Cost This is the amount that is sacrificed when choosing one activity over the next-best alternative. In organization, an example of opportunity cost is seen in th
Price rise in future must not be expected - law of demand If the buyers of a commodity expect that its price will increase in future they raise its demand in response to an in
applicatiopn of qt in managerial decision making
Dan and Ann are chemical engineers working for a biotech company. Each of them would like to be promoted to a managerial position, but only one of them can get the job. Their super
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
Airbus Boeing Demand P = 182.868 - 0.0003Q P = 198.6592 - 0.00013Q TVC Curve TVC = 104.8822Q - 0.001Q^2 + 0
Desire for a commodity This validates that a want or a desire doesn't develop into a demand except it is supported by the ability and willingness to acquire it. For example, a
Q. Explain about Long run production function? Long run is a phase adequately long so that all factors together with capital can be changed. The factors that can be increase
Stable and Unstable Equilibrium An equilibrium is said to be stable equilibrium when economic forces tend to push the market towards it. In other words, any divergence from t
Determine The scope of managerial economics The scope of managerial economics involves following subjects: 1. Theory of demand 2. Theory of production 3. Theory of
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