Forecasting and how it adds value towards planning
Answer the following question in essay form in a minimum of 150 and not more than a few hundred words (at least try to).
What is forecasting and how does it add value towards planning, product and service design, and process strategy? Whilst forecasting involves using the past and present information to predict future trends, planning is the process or the best course of action an organization follows to achieve its future goals and objectivesHow does forecasting relate to planning?
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Forecasting and how it adds value towards planning
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,...read more
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