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Because of the complex and dynamic nature of marketing phenomenon, demand forecasting has become a regular and significant business exercise. It is necessary for profit maximisation and the expansion and survival of a business. Though before selecting any vendor a retailer must well understand importance and requirement of demand forecasting. In management circles, demand forecasting as well as sales forecasting are used interchangeably. Sales forecasts are first approximations in production and forward planning. These offer a platform upon that plans can be prepared and amendments can be made. According to American Marketing Association, 'Sales forecast is an estimate of sales in physical or monetary units during a specified future period under a proposed business plan or programmer or under an assumed set of 'economic and other planning premises, environment forces.
CLASSICAL VIEW ON UNEMPLOYMENT The classical economists as we observed in Unit 1 of this course, were of the view that full employment prevailed in the economy all the tim
THE DETERMINATION OF EQUILIBRIUM NATIONAL INCOME National income is said to be in equilibrium when there is no tendency for it either to increase or for it to decrease. The a
is Indian companies running a risk by not giving attention to cost cutting?
Illustrate the application of economic theory to some business problems
When Burton Cummings graduated with honors from the Canadian Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truc
Time domain: Time domain is a term which is used to define the analysis of mathematical functions or physical signals, with respect to time. In the time domain, signal or function
Using Total Expenditure for Calculating National Income The expenditure approach centres on the components of final demand which generate production. It thus measures GDP
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The variance of the OLS estimator is VAR( ^B)=σ 2 /ns 2 x , where s 2 x =£x 2 /x You're hired to estimate and you're going to be paid according to the accuracy of your esti
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