Answered Essay: Need answers for this dissusion questions 1. Why are the planning and forecasting

Need answers for this dissusion questions

1. Why are the planning and forecasting is important for the company growth and how forecasting helps companies for better planning?

2.How the models and their analysis helps for making better decision?

Expert Answer

1.

Forecasting refers to the estimation of demand in the future for the organization’s product, industry growth and the trends and preferences among the people. It helps in planning work for the organization and the organization readies themselves regarding the forecasted demand and industrial developments. Under the planning, the company analyses the resource availability, skills required and capabilities of the organization. On the basis of these analysis, gaps are identified and the company works in time to fill up the gaps. It helps the organization to capitalize on new opportunities and answer the challenges. It is only possible through the forecasting and subsequent planning for the organization.
Forecasting provides:
A.   Estimation of future demand
B.   Changing consumers’ needs
C.   Industry growth and investment in the industry
D.   Direction of government policy initiatives
Above inputs help planning to:
1.   Make HR planning
2.   Build process capabilities
3.   Make organizational restructuring
4.   Create necessary changes in product design for the future

2.
There are different models of forecasting. These models give qualitative information such as Delphi method, sales force survey method and experts’ opinion method. There are forecasting models that give quantitative information such as moving averages, regression analysis, trend analysis.
These models are used to complement the qualitative information with quantitative details ot make a better and accurate forecasting.
These models give information:
A.   About the industry trends
B.   Independent variables and factors that will affect the organizational performance
C.   Availability of resources
D.   Labor market scenarios
Above information helps the manager to take an informed decision regarding the future scope of work.

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