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  • Business Forecasting: by ITH Phanny

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    This document summarizes key topics from Chapter 1 of the book "Business Forecasting" including the importance of business forecasting, its financial and strategic importance, and the common need for forecasting among organizations. Forecasting allows organizations to improve profits by eliminating waste and inefficiencies. It provides better strategic, marketing, financial, and operational information. The chapter also discusses the art and science of forecasting and outlines the key steps in the business forecasting process.

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    business forcasting

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    Chapter 1

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    This document summarizes key topics from Chapter 1 of the book "Business Forecasting" including the importance of business forecasting, its financial and strategic importance, and the common need for forecasting among organizations. Forecasting allows organizations to improve profits by eliminating waste and inefficiencies. It provides better strategic, marketing, financial, and operational information. The chapter also discusses the art and science of forecasting and outlines the key steps in the business forecasting process.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    72 views2 pages

    Business Forecasting: by ITH Phanny

    Uploaded by

    sms
    This document summarizes key topics from Chapter 1 of the book "Business Forecasting" including the importance of business forecasting, its financial and strategic importance, and the common need for forecasting among organizations. Forecasting allows organizations to improve profits by eliminating waste and inefficiencies. It provides better strategic, marketing, financial, and operational information. The chapter also discusses the art and science of forecasting and outlines the key steps in the business forecasting process.

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    © All Rights Reserved
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    of 2

    Chapter 10 10 -1

    Business Forecasting
    by
    ITH Phanny
    To accompany: Business Forecasting by
    A. Reza Hoshmand, Second Edition
    Publisher: Taytor & Francis Group, 2010
    Business Forecasting
    Chapter 1
    Forecasting for Management
    Decisions
    Chapter Topics
    Introduction
    Importance of Forecasting
    Financial and Strategic Importance of
    Forecasting
    The Commonality of Forecasting
    Importance of Business Forecasting
    Allows organizations to improve profits
    Essential in eliminating waste such as:
    Inventory shortages
    Missed due dates
    Plant shut-downs
    Lost sales
    Lost customers
    Expensive expediting
    Missed strategic opportunities.
    Financial and Strategic Importance
    Better strategic information
    Better marketing information
    Better financial information
    Better operating information
    Increased customer service
    Better allocation of resources
    (Continued)

    Chapter 10 10 -2
    Financial and Strategic Importance
    Increased manufacturing and operating
    efficiency
    Higher productivity
    Stability in planning
    Reduced finished goods inventory
    Elimination of waste
    Increased profitability
    Increased return on investment.

    The Commonality of Forecasting
    All organizations wish for excellence in
    management (whether manufacturing or a
    hospital).

    Demand for products, labor, materials, and
    other resources must be estimated using
    either formal or informal forecasting
    methods.
    Business Forecasting

    The Art and Science of Forecasting

    The Forecasting Process
    Business Forecasting Process


























    No








    Figure 1.1 The Forecasting Process

    F
    e
    e
    d
    b
    a
    c
    k
    L
    o
    o
    p


    Yes
    Managements
    Question/Problem
    Data Gathering
    Model Formulation
    Design the Forecasting Experiment
    Analysis and Interpretation
    Valid Results?
    Report Results
    Chapter Summary
    Importance of Business Forecasting
    As a Strategic Tool
    Planning and Control Tool

    Various Application of Forecasting in Business

    The Art and Science of Forecasting

    The Process of Forecasting

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