brief notes on differences between budgeting and forecasting, and feedback loop
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brief notes on differences between budgeting and
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- Under what conditions might a firm use multiple forecasting methods?1. Explain clearly the differences between forecasting and budgeting. 2. Define the following terms: i. Single-loop feedback. ii. Double-loop Feedback.what is the meaning of planning techniques and tools - forecasting - contingency planning - scenario planning - benchmarking - use of staff planners] - participation and involvement - management by objective (MBO)
- Question TWO: i. Identify and explain the Major Steps involved in budgeting ii. What do you understand by business forecasting? and state the challenges faced in forecastingWhat factors make forecasting at Deckers particularly challenging? Howcan forecasts be made for seasonal, fashionable products for whichthere is no history file? What are the costs of over-forecasting demandfor such items? Under-forecasting?What strategic decisions do organizations need to make in terms of forecasting? What are some examples?
- What is Benchmarking and forecasting? which is a better planning tool Benchmarking or forecasting?What are some of the potential benefits of a more formalizedapproach to forecasting?5. it is a tool that allows managers to make educated estimates on revenue and cost of the business in order to cope with uncertainties of the future a.estimating b. guesing c. forecasting d. benchmarking
- Identify the key differences between qualitative and quantitative forecasting methods. Which is better in your opinion andwhy?Companies are using more external data and unstructured data in their models of forecasting and planning. In your opinion, what are the potential concerns you may have with these data?Do you think forecasting is important to the company? Briefly explain why? Explain the differences between Job Description and Job Specification?