Evaluate what is the purpose of a forecast. What factors does a firm use to create its forecasts of future sales, income, expenses, and capital expenditures?
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- Evaluate what is the purpose of a forecast. What factors does a firm use to create its forecasts of future sales, income, expenses, and capital expenditures?What role does forecasting play in the planning process, and what are some methods and models used for making accurate predictions and projections?Describe the six steps in a typical forecasting process.
- What are the basic types of forecasts? What are their strengths and weaknesses?What role does forecasting play in the planning process, and what are some common methods and techniques used to forecast future trends and events accurately?Suppose that you are asked to forecast future stockprices of ABC Corporation, so you proceed to collectall available information. The day you announce yourforecast, competitors of ABC Corporation announce abrand new plan to merge and reshape the structure ofthe industry. Would your forecast still be consideredoptimal?
- Answer the following questions. 1. What is the current economic climate? 2. What should be our forecast accuracy target if there is a high degree of volatility in customer orders and long lead times? 3. We have a new chief sales officer who is proposing that we should forecast in dollars, not in units/cases. I have never heard of anyone forecasting in dollars. It is true that dollarized forecasts can help Sales in knowing precisely what sales target they should be hitting. But, is it the best practice?Distinguish between economic forecast, Technological forecast, and demand forecast?A strategic planning that include decisions such as market trends, behaviour and shifts in competitive markets, emerging competition, and long-term expansions could be classified as_______. a. Mid, long, short term forecast b. Short-term forecast c. Mid-term forecast d. Long-term forecast
- What role does forecasting play in the planning process, and what methods or techniques can be used for accurate forecasting?Which type of industries would make the most use of short-range forecasts? Which would make the most use of medium-range forecasts? Which would make the most use of long-range forecasts? Why?Sales of a particular product (in the thousands of dollars) for the year of 2015 through 2018 have been $48,000, $64,000, $67,000 and $83,000 respectively. (a) What sales would you predict for 2019, using a simple four year moving average? (b) What sales would you predict for 2019, using a weighted moving average with weights of 0.50 for the immediate preceding year 0.3, 0.15, and 0.05 for the three years before that?
