Forecasting And Environment Forecasting Essay

1027 words - 5 pages

Forecasting is essentially the study of internal and external forces that shapes demand and supply. The shape of the things to come will depend partially upon how one shapes the controllable factors. With different strategies, the forecasting will be different, offering multiple scenarios for management decision making. Forecasting is an estimate of sales in physical units for a specified future period under proposed marketing plan or programme and under the assumed set of economic and other forces outside the organization for which the forecast is made. Long term forecasts: Product diversification, sales, advertizing budgets, capacity planning and ...view middle of the document...

Life Cycle Analysis: It is based on the premises that every category of product has a certain marketable Page 1 of 3

life period. The different stages in the life cycle of a product are Product Development Early Introduction Rapid Growth Steady State Decline and Death

Quantitative Method Time Series Analysis: Extrapolation, Simple Average Method, Moving Averages Method, Weighted Average Method, Exponential Smoothing Method, Trend Correction, Correction for Seasonality. Casual or econometric Model of Forecasting: Factors influencing the demand which includes demographic, economical, geographic, competition, etc. to arrive at the demand forecast. Multiple Regression Analysis: It considers the effect of the change in the dependent variable by manipulating or changing the value of the independent variable and thus computing the forecast.

Unsustainable use of Natural Resources: Heightened manufacturing and service activities make less and less of the vital resources like fresh water, clean air or forests or fertile land being available today, but is also leading to many disasters like floods, droughts and cyclone among others. Excessive use of Energy: Leading to increased building of hydel dams, thermal and nuclear plants, which can cause environmental problems like global warming, depletion of forests and biodiversity, pollution of water bodies and land masses, radiation damage and the displacement of people in large scale. Waste Generation: The processes have been producing wastes – gaseous, liquid and solid – that are discharged into the environment, causing damages to people, animals and vegetation. Burning of fossil fuels can cause much air pollution. Global Warming: Increasing concentration of carbon dioxide and methane (Green house gases – GHG) in the atmosphere, which absorbs the heat of the solar radiation radiated from the warm surface of the earth. Ozone Hole: Increased concentration of chlorofluoracarbons (CFC) used in various aerosol products, has depleted the protective ozone layer in the stratosphere and formed an OZONE HOLE allowing increased amount of sun's UV radiation to reach the earth, increasing the incidence of skin cancer and other problems. Nuclear waste and Radioactivity: Disposal of spent rods in the nuclear reactor, old and obsolete nuclear reactor, could remain radioactive for thousands of years and to be safely disposed....

Other Essays Like Forecasting and Environment Forecasting

Business Economics Essay

951 words - 4 pages in heavy losses and therefore management will be unable to take effective decisions. Controllers can use historical data to prepare more accurate budget forecasting. Deviation in forecasting results from external and internal factors but controllers can only deal with internal controls because external environment is impossible to control. Historical budgets can be used to prepare budgets to make effective decisions. When forecasting the total

Productions Essay

2687 words - 11 pages art it uses intuition or judgment to predict the future. Why forecast? Done to minimize uncertainty and evaluate risk relating to future events caused by dynamism of the environment within which organizations operate. Such dynamisms includes: a) Changes in legislation b) Stiff competition c) Demographic changes. Forecasting is important for planning and control of functional areas such as; marketing, finance, operations e.t.c.In the public

Business Operations in My Organization: Strategies for Achieving Competitive Advantage

3715 words - 15 pages world’s most competitive and innovative energy company” (Shell 2013). First, the macro-processes involved in the supply chain of Shell are introduced. Forecasting techniques were researched to see how these can be applied to demand management in Shell. Third, business process integration was investigated to improve the supply chain in Shell. Finally, operations and production strategy was synthesized to respond to the changing demands in the modern

The Thoughtful Forecaster

731 words - 3 pages , depending on the successfulness and accurateness of their forecasting. For successful forecasting, the forecaster needs to have a clear understanding of the current business activities, past trends, and the company’s business strategy. Case 5 exhibits key principles on the way financial forecasting is done. Understanding the Financial Relationships of the Business Enterprise Forecasters use current information to predict the future business

Race To Space

589 words - 3 pages . Space exploration can boost our economy; it can eventually help us discover a new world; and could possibly help with forecasting the weather and agriculture. Space exploration can be costly but highly beneficial.As we explore space, we develop new technologies to enhance our economy. The challenges of working in space have led to many new and different technologies that can be used for health and medicine, transportation, consumer goods, and

Demand Forecasting

5732 words - 23 pages 5.1 Promotion Planning and Supply Chain Contracting in a High-Low Pricing Environment 9 5.1.1 Basic Household Inventory Model: 9 6. Types of demand forecast in GCC and UAE 10 7. Objective 10 8. Methodology 11 Table 3 13 Figure 1 13 9. Result 14 10. Recommendations 14 11. Conclusion: 15 11. References 16 12. Appendixes 17 Appendix I 17 Appendix II 19 1. Executive Summary Demand forecasting is essentially

Forecasting in the Banking Industry

721 words - 3 pages Forecasting In the Banking Industry Name of the Student: Name of the Institution: Date of Submission: The banking industry operates globally. In every economy, banks are very significant for its growth and development. For the banks to effectively meet their targets and continue operating efficiently, they need to have a good forecast of their targets. In forecasting, there are various variables that are used by the banks. First there is the

Forecasting with Time Series

1089 words - 5 pages Forecasting with Time Series QRB/501 Quantitative Reasoning for Business February 7, 2012 Forecasting with Time Series For most companies, forecasting is very important. Their future can be determined with forecasting and this also helps pin point the problems of the past. Forecasting can be done in many methods, depending on what exactly is being forecasted. A forecasting tool used to determine demand for various commodities or goods

Criminal Justice

845 words - 4 pages Briefly describe the steps that are used to develop a forecasting system. Identify the three forecasting time horizons and state an approximate duration for each. Provide a Criminal Justice example for each time horizon. Forecasting is defined as the art and science of predicting future events (Heizer & Render, 2008). When implementing a forecasting system, there are seven basic steps, determine the use of the forecast, select the

Math Student

2460 words - 10 pages  Time-Series Forecasting         Decomposition of Time Series Naïve Approach Moving Averages Exponential Smoothing Exponential Smoothing with Trend Adjustment Trend Projections Seasonal Variations in Data Cyclic Variations in Data 4-3 Outline - Continued Associative Forecasting Methods: Regression and Correlation Analysis Using Regression Analysis to Forecast  Standard Error of the Estimate  Correlation

Forecasting with Indices

1227 words - 5 pages QRB/501 Dr. Julianne Manchester August 22, 2010 Forecasting With Indices According to Business: The Ultimate Resource (2009), “forecasting is the prediction of outcomes, trends, or expected future behavior of a business, industry sector, or the economy through the use of statistics. Forecasting is an operational research technique used as a basis for management planning and decision making. Common types of forecasting include trend

Related Papers

Forecasting, Aggregate Planning, Eoq And Mrp

960 words - 4 pages 12. Hiring and training cost : Rp 500.000 13. Layoff cost : Rp 1.000.000 14. Safety stock : 10% of month demand 15. Beginning Inventory : 110 unit |Month |Sales |Month |Sales | |January |175 |July |260 | |February |185 |August |280 | |March |185 |September |300 | |April

Supply Chain Management Essay

5211 words - 21 pages methods are most appropriate when the basic demand pattern does not vary significantly from one year to the next. These are the simplest methods to implement and can serve as a good starting point for a demand forecast. 3. Causal: Causal forecasting methods assume that the demand forecast is highly correlated with certain factors in the environment (e.g., the state of the economy, interest rates, etc.). Causal forecasting methods find this

Forecasting Palm Oil Production In Malaysia

450 words - 2 pages . They must evaluate what its needs are and choose the one that best fits its needs. The evaluation must include cost, time, and the type of business being run. Forecasting sales or demands demand properly can lead to money and time saved on the job. If the proper forecasting is done it can lead to the company prospering and even expanding to new heights.PROBLEM DEFINITION3.1To gain knowledge of forecasting techniques and their application in

Forecasting Using Indices Essay

612 words - 3 pages Forecasting Using Indices Tricia Thedford QRB 501/Quantitative Reasoning for Business March 4, 2012 Vinata Kulkarni, PhD Forecasting using indices Forecasting is an integral part of business. Forecasting allows investors to see anticipated growth/decline in a business. An accurate forecast will also allow a business to respond appropriately should a problem be evident in the desired business plan. Forecasting can be done on all data