Management A Forecast Is Defined Essay

Qualitative approach of forecasting

This approach of forecasting tries to employ actual information for identifying qualitative or actual market trends to a specified role or position in the market. This approach of forecasting entails looking for non-numerical data. For example, if we want to know whether a new product will be successful, we are required to review customer surveys undertaken to establish their opinions towards the company or product. Additionally, the qualitative approach of forecasting is not efficient because it is not an actual method. Typically, this approach is mostly utilized when there is a rich portfolio of data on the desired area.

Quantitative technique of Forecasting

Quantitative approach of forecasting is based on the application of numbers including sales numbers, the amount of existing or new accounts, and web traffic in a given period based on the...

...

Therefore, this technique of forecasting is useful in any form of business. This is because it can be easily broken down to form explanatory and Time-Series techniques of forecasting.
Conclusion

For any business organization to become successful in sales, it must know where the customers are situated. It should also be able to predict future attitudes and the buying patterns of these customers. Sales forecasting is a key to business success. Because of its importance in generating sales, businesses must incorporate this topic within their sales managerial training programs. Inaccurate predictions of market demand are likely to adverse impacts on overall company profitability. Therefore, managers must record and calculate errors in forecasting generated by qualitative techniques employed. This will enable manager and organizations to determine when the best method should be applied.

Cite this Document:

"Management A Forecast Is Defined" (2013, May 28) Retrieved April 19, 2024, from
https://www.paperdue.com/essay/management-a-forecast-is-defined-91086

"Management A Forecast Is Defined" 28 May 2013. Web.19 April. 2024. <
https://www.paperdue.com/essay/management-a-forecast-is-defined-91086>

"Management A Forecast Is Defined", 28 May 2013, Accessed.19 April. 2024,
https://www.paperdue.com/essay/management-a-forecast-is-defined-91086

Related Documents

" (Barnett, 2007) There are three steps involved in controlling including: (1) establishing performance standards; (2) comparing actual performance against standards; and (3) taking corrective action when necessary. (Barnett, 2007) Standards of performance are often referred to within the organization by terms including 'revenue', 'costs', or 'profits' as well as other terms such as 'units produced', 'number of defective products', or 'levels of customer service'. (Barnett, 2007) Performance management can

Supply Chain Management Hypothesis defined Concepts of SCM and the evolution to its present day form Critical factors that affect SCM Trust Information sharing and Knowledge management Culture and Belief -- impact on SCM Global environment and Supply Chain management "Social" and "soft" parameter required for SCM Uncertainties This chapter aims to give an outline and scope of the study that will be undertaken in this work. The study lays out the issues faced by manufacturing organizations when it comes

Managing Organizations/Hotel Management Managing Organizations The Marriot Corporation A look at Six Sigma and the 7S McKinsey Framework The Marriott Hotel Chain is a global brand offering resort and luxury hotel furnishings at popular vacation and business destinations. As the Events & Kitchen Management for global operations, my responsibility includes the overseeing of banquet operations including the process management of the cooking and serving efficiency. I receive complaints from hosts and others that contract

As noted above, interpersonal skills are essential in modern-day management approaches. The definition goes beyond communicating well with others. It also entails the personal traits that a person has to be a leader, which include such traits as ethical orientation, ability to accept and manage change, desire to enhance diversity, problem solving, global perspective, ability to motivate, and resiliency. Interpersonal skills, however, are not the only abilities that a manager needs.

AMR Research (2005) believes that companies must begin developing and redeploying current order management architectures with the focus on delivering more flexibility rather than a strategy that delivers far less. The move toward customer-driven fulfillment processes requires the ability to build and adapt channel-specific, product-specific, and customer-specific order flows quickly without an army of developers creating custom code. However, the days of big bang, rip-and-replace implementations are over, and any

Management Principles Management Leadership Model Paper: Management Principles Research suggests that everyone is a manager in their own way. For instance, everyone manages his finances, time, careers and relationships. These examples of managing are simple and straightforward. However, when concepts of management apply in organizations, management becomes complex. At such a point, it calls for extensive studying in order to understand the theoretical basis of management. The application of management and the enunciation