Define the term forecasting, Managerial Economics

Assignment Help:

Define the term forecasting

As the term 'forecasting' may appear technical, planning for future is a critical aspect of managing any business or anorganisation.  The long-term success of any organisation has close association with the propensity of the management of the organisation to foresee its future and develop appropriate strategies to deal with likely future scenarios. Intuition, knowledge and good judgment of economic conditions allows the manager to 'feel' or maybe anticipate the likelihood in the future. It's not easy, though, to metamorphose a feeling about the future outcome into concrete data for example, as a projection for subsequent year's sales volume. Forecasting methods can help predict several future aspects of a business operation like forthcoming years' sales volume projections.  


Related Discussions:- Define the term forecasting

Factor combination in the long run, Factor combination in the long run ...

Factor combination in the long run In the long run it is possible to vary all factors of production. The firm is therefore restricted in its activities by the law of diminish

Underlying stock price, Financial engineering deals with the design of new ...

Financial engineering deals with the design of new assets. Draw the payoff (at t=1) of the following bull butterfly spread:     Purchase 1 call with exercise price a   Sell 2 ca

External debt problem, External Debt Problem External debt refers to d...

External Debt Problem External debt refers to debt owing by one country to another.  External debt is a more serious problem than internal debt because the payment of interest

Consumer welfare, '' monopoly is good for consumer welfare" is this crrect

'' monopoly is good for consumer welfare" is this crrect

Costs of unemploment and inflation, COSTS OF UNEMPLOMENT AND INFLATION   ...

COSTS OF UNEMPLOMENT AND INFLATION   In  an  economy  both  unemployment  and  inflation  have  adverse effects  and policy makers  formulate policy instruments to contain both

Commercial banks, Commercial Banks A Commercial Bank is a financial in...

Commercial Banks A Commercial Bank is a financial institution which undertakes all kinds of ordinary banking business like accepting deposits, advancing loans and is a member

What is an opportunity cost?, Opportunity cost is cost of a different that ...

Opportunity cost is cost of a different that must be forgone in order to pursue a definite action. Put another way, the advantages you could have received by taking an alternative

Determine the perfectly competitive firms profit, 1. Suppose in a perfectly...

1. Suppose in a perfectly competitive industry the market demand and supply forces combine to produce a short-run equilibrium price of Rs 70. Suppose that a firm in this industry h

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd