Forecasting Report

Topics: Regression analysis, Forecasting, Qualitative research Pages: 6 (1442 words) Published: September 23, 2013

TABLE OF CONTENTS

I. Forecasting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 A. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 B. Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 C. Importance of Forecasting. . . . . . . . . . . . . . . . . . . . . . . . . . . .2 1. Product Life Cycle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2. Types of Forecasting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3. Strategic Importance of Forecasting . . . . . . . . . . . . . . . . . .3 4. Steps In Forecasting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 II. Methods of Forecasting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 A. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 B. Qualitative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 C. Quantitative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 III. Case Study . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

I. Production Strategies

A. Overview
Forecast is a are foresee to the future events or possible happenings, may defines forecast as a prediction of what may happen on a things, current structures, inventions or even evolution of today’s ideas. While others say that prediction and forecast are two different things, forecast can either be made from 2 different sources the past and present data, in order to foresee potential future events to be able to potentially control the outcome by possible influencing the decision to be made by the board or the decision makers.

Forecast is believe to be crucial on any business because it helps a company avoid a disastrous event on the company, so company make proper use of forecast in order to survive that future obstacles they might face in the future may It be either long term or short term problems.

“Forecast is a statement about the way things will happen in the future, often but not always based on experience or knowledge. While there is much overlap between prediction and forecast, a prediction may be a statement that some outcome is expected, while a forecast is more specific, and may cover a range of possible outcomes.”

B. Objectives

The main objective of forecasting is to be able to predict a future event or happening to be able to avoid its worst case scenario or best yet is to make a possible solution with no losses.

C. Importance of Forecasting

Forecasting is important because decision makers of the organization or company tend to base their decision on forecast made by the forecasters of the company, this is why forecasting is important its crucial it can sometimes dictate the fate of an organization or company.

1. Product Life Cycle
Is consist of 4 parts, the Introduction, Growth Maturity and the Decline, the Introduction part is the part were the product is established or made. It is the best period to extend market shares, the Growth part would be the part where the image of the company and its product are change to be their image to the public, niche are strengthen. Maturity is the time where the company already has an image to the public and it’s not a wise decision to change an image or quality of the product (unless it’s for the better) this is the peak of the company, where the company defends their market shares, then finally the Decline it is where the company slowly cut its cost on the product because its dying and move on to another product.

2. Types of forecasting
Economic Forecast – it deals with the inflation rate, money etc. Technological Forecast – predict rate of technological progress and it...
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