Forecasting and how it add value towards planning

Forecasting and how it add value towards planning

Assignment: What is forecasting. What is forecasting and how does it add value towards planning, product and service design, and process strategy?

Expert Solution 

Forecasting refers to the prediction or estimation of a future value of a given variable of interest. Basically, forecasting involves determining the direction of future trends using the historical and current data as inputs. As a planning tool, forecasting enables planners to glimpse into the future and make informed decisions on how to allocate resources in a manner that will enable the firm to attain its objectives. It also facilitates capacity planning where an organization determines the product and service design that will most effectively meet the changing demands of the consumers. In the forecasting process, the planners get a chance to decide on the unique features and characteristics of the firm’s service or product. Besides, it allows them to develop a process strategy that fulfills consumer needs and product/service specification within managerial constraints such as cost.  In a nutshell, forecasting has a long-term impact on flexibility and effectiveness of production as well as on the quality and cost of products produced.

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Forecasting and how it add value towards planning