UNDERSTANDING BUSINESS >CUSTOM<
11th Edition
ISBN: 9781259694776
Author: Nickels
Publisher: MCG CUSTOM
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Question
Chapter 2, Problem 4TIT
Summary Introduction
To discuss: The forecast of the sales of the company for next few years.
Introduction:
Economics is the term used for the study of production, distribution and consumption of resources.
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Students have asked these similar questions
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
What is the difference between probability, forecasting, and optimization? Provide a chart for each if possible.
When a new business is started, or a patent idea needs funding, venture capitalists or investment bankers will want to see a business plan that includes forecast information related to profit and loss statements. What type of forecasting information do you think would the investors be looking for? Why?
Chapter 2 Solutions
UNDERSTANDING BUSINESS >CUSTOM<
Ch. 2.1 - Prob. 2.1AQCh. 2.1 - Prob. 2.1BQCh. 2.1 - Prob. 2.1CQCh. 2.1 - Prob. 1TPCh. 2.1 - Prob. 2TPCh. 2.1 - Prob. 3TPCh. 2.2 - Prob. 2.2AQCh. 2.2 - Prob. 2.2BQCh. 2.2 - Prob. 4TPCh. 2.2 - Prob. 5TP
Ch. 2.2 - Prob. 6TPCh. 2.2 - Prob. 7TPCh. 2.3 - Prob. 2.3AQCh. 2.4 - Prob. 2.4AQCh. 2.4 - Prob. 8TPCh. 2.4 - Prob. 9TPCh. 2.4 - Prob. 10TPCh. 2.4 - Prob. 11TPCh. 2.5 - Prob. 2.5AQCh. 2.5 - Prob. 2.5BQCh. 2.6 - Prob. 2.6AQCh. 2.6 - Prob. 12TPCh. 2.6 - Prob. 13TPCh. 2.6 - Prob. 14TPCh. 2.6 - Prob. 15TPCh. 2 - Prob. 1CTCh. 2 - Prob. 2CTCh. 2 - Prob. 3CTCh. 2 - Prob. 1DWSCh. 2 - Prob. 2DWSCh. 2 - Prob. 3DWSCh. 2 - Prob. 4DWSCh. 2 - Prob. 5DWSCh. 2 - Prob. 1TITCh. 2 - Prob. 2TITCh. 2 - Prob. 3TITCh. 2 - Prob. 4TITCh. 2 - Prob. 1VCCh. 2 - Prob. 2VCCh. 2 - Prob. 3VC
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Similar questions
- Under what conditions might a firm use multiple forecasting methods?arrow_forwardIf Mr. Ishaq is the Director of KIA Company in Nizwa, what does he need to do to predict customer sales or product demand? a. Production b. Marketing c. Forecasting d. Coordination Clear my choicearrow_forwardWhat role does forecasting play in the planning process, and what are some common methods and techniques used to forecast future trends and events accurately?arrow_forward
- What is the concept of seasonality? How do we forecast based on seasonal data?arrow_forwardK 2. Setting an advertising budget is a forecasting exercise. What are the fundamental principles that should be adhered to when undertaking forecasting? Be conservative and use the best evidence-based technique available Be innovative and use multiple methods and choose the optimal one Be conservative and use multiple evidence-based techniques, taking the average result Be innovative and use multiple evidence-based techniques, taking the average resultarrow_forwardForecasting is critical in modern times. Business organizations manifested more concern with anticipating the future, and as a consequence, a number of highly successful consulting firms emerged to provide forecasting help for governments and businesses. You are required: iii. Identify the different levels that forecasting of business trends takes place. iv. Give 3 examples where long-range forecasting can be used v. Do you think forecasting is always correct and accurate? Discuss this assertion in detailarrow_forward
- Forecasting is critical in modern times. It is believed that it started as a consequence of the great depression of the 1930s. Business organizations manifested more concern with anticipating the future, and as a consequence, a number of highly successful consulting firms emerged to provide forecasting help for governments and businesses. Required: i. Explain the importance and use of a forecasting in organisations ii. List the various variables that modern forecasters apply in their forecasting, and explain why these are usedarrow_forwardb) Use exponential smoothing with a smoothing constant of 0.30 to forecast the sales. Assume that last period’s forecast for month 1 is equal to actual to begin the procedure. b. Which method do you think is best? Is this an improvement over the weighted average- use MAD only ?arrow_forwardHow are you going to make your forecast more effective? Give a concrete example.arrow_forward
- In an essay format, explain the common forecasting techniques.arrow_forwardWhat role does forecasting play in the planning process, and what methods or techniques can be used for accurate forecasting?arrow_forward.............. help you to make better decisions, or to plan your business strategy, by challenging your assumptions about the future. Select one: O a. Single-point forecasting O b. Scenario analysis O c. Alternative futures forecasting O d. Range forecastingarrow_forward
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