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Forecasting
A forecast should be as accurate as possible. There are several reasons for this. The first is that forecasts are often used to make business decisions such as purchasing and resource deployment. When the forecast is far from reality, the business decisions will also reflect that. If the point of forecasting is to ensure the right levels of labor, inventory and capital, then a bad forecast will leave the company with an amount of these things entirely inadequate for its needs.
In addition, forecasts are used as control for companies. Managers and other workers are sometimes evaluate on the basis of their ability to meet budgets. Thus, the forecast needs to be fairly accurate. If the forecast is not accurate, then the use of the forecast as a control tool becomes much more difficult, if not outright impossible. People cannot be measured against unrealistic expectations, and the same goes for a division or unit within the company....
Therefore, it is important that the budget is realistic as possible. The control function works better the closer the budget is to the reality -- this allows for deviations to be identified more clearly and the company is then in a better position to make the right adjustments.
Companies often feel as though they must make a choice to invest in order to gain a greater level of forecasting accuracy. Some forecasting can be done at relatively low cost -- regression analysis can be done on Excel, and things like economic projections are compiled and published by different branches of the government. However, there are instances where the company needs to make an investment in better forecasting. The value of this can be determined, however. There are costs associated with bad forecasting. Consider the above scenario wherein the company has a wildly inaccurate forecast for demand in its budget, but bought raw materials to meet that demand. The…
The treasury works with the IT department to develop means of transmitting information to the managers with regards to risk management strategy and the firm's financial position. Thus, the way the treasury prepares and disseminates information can also contribute to better strategic decisions and cost reductions throughout the organization. While the treasury is a supporting component of the organization, it is one that can add a significant amount of value.
Some of the key examples of where geospatial information can be important are during emergency responses during natural disasters especially for purposes of evacuation arrangement, and damage estimation assignments. MarcFarlane (2005) indicates that it is important to use geoinformatics to prevent disasters rather than try to deal with them after they happen. Geoinformatics assists those involved in the emergency processes by providing the necessary data and giving appropriate plans
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Mapping technologies ensures that all technologies in the call center are geared towards achieving a specific goal. Having identified the needs of the call center, mapping the required technologies ensures that mechanisms are in place to meet these needs. Using technology road mapping, the call center is able to plan and coordinate any technological developments. This way any technology developments will have a specific purpose, and unnecessary developments can be
The narrow selfishness of these terrorists then relate to the well-being of their families in either the positive or negative sense. They engage in suicidal terrorism to either protect their families from the threat of harm, or to provide them with comfort by means of money. On the other hand, Caplan also notes that suicidal terrorism is extremely rare, and is therefore a greater indicator of self-interest among terrorists than
1985) held that municipal ordinance prohibiting fortune-telling and any related activity were in violation of Cal. Const. art. I, 2; while arrests for fortune-telling are now less frequent in California than before Azusa, they still occur. For example, in San Diego, four women belonging to the same Gypsy family were recently charged with theft by false pretense; as a precondition of being offered bail, these psychics were prohibited from