Forecasting is an important part of any business

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Forecasting is an important part of any business. Though not an accurate science, forecasting allows businesses to make predictions for the future of the company. Without forecasting, many businesses may not prosper and grow as they should. With a future position in management, I would use forecasting in order to determine the amount of stock we have as to not over or under order supply if we are selling a product. Another important forecasting decision I would make is the staff. Often times, a company is under staffed for the amount of supply and demand present. It is important to be able to predict the number of employees the company needs in order to be successful. An example of this particular forecasting model would be many retail stores during the holiday season. A company will hire more staff specifically for the holiday season in order to be able to support the amount of supply and demand they will have over the holiday season. In order not to lose money on supply, this portion will also be forecasted, as aforementioned.

Reference no: EM131746739

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