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Forecasting is the process in which historic data is used to make future predictions by the help of past and present data. In business, forecasting is used to determine various processes of allocation of budgets and plan. Forecasting is used or utilized by the investors to determines various events affecting a company like- increase or decrease in stocks, sales production etc.
The major areas of forecasting explained in Forecasting Assignment Help are
Economic Forecasting – In economic forecasting, prediction is made on the general business conditions. It predicts what the condition of a business would be in the future. Predictions are made on Gross National Product, Tax, Level of employment, Inflation rates, etc.
Technology Forecasting – In technology forecasting, prediction is made on the future developments in technology of a company. By the help of technology forecasting, we can predict the possible future developments.
Demand Forecasting – In demand forecasting, prediction is made on the quantity and timing of demand. Here, demand forecasting predicts the timing and quantity of demand for a company’s goods. Students looking for various notes on forecasting can refer Forecasting Assignment Help.
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Methods of Forecasting
There are two methods of forecasting explained in Forecasting Assignment Help
Qualitative Forecasting Methods
An advantage of these approaches is that they can be applied when historical data are not available. The different types of qualitative methods explained in Forecasting Assignment Help are
•Subjective approach – It is qualitative in nature and is based on the opinions of people. Here, individuals are participated to arrive at a decision/ forecast based on their ideas, feelings and personal experiences. The subjective approach sometimes takes the form of brainstorming sessions.
•Delphi Method – Delphi method was developed by the RAND Corporation in the late 1960s. This process of questioning, evaluating and re-questioning continues until the researchers have received a narrow range opinion.
•Scenario Writing Approach – Scenario writing approach is an approach where the forecaster initiates with different sets of assumptions. Different scenarios of the business outcome are charted out with different sets of assumptions.
Quantitative forecasting methods
This forecasting method is used when historical data are available. The different types of quantitative forecasting methods explained in Forecasting Assignment Help are
•Time-Series Method – This method is used to measure trends that increase or decrease over periods of year or even on month-month basis. Predictions are made on the basis of historical data. Many businesses and sales forecasting programs are based on this method. Here, we can also determine product supply and demand.
•Casual Method – casual method helps in prediction based on changes in factors that are known. For example- Sales can be predicted by the use of advertising expenditures, Sales of ice-cream can be predicted by the use of temperature, etc.
Features of Forecasting Assignment Help Are
Clients looking for Forecasting Assignment Help from us can expect a few pros and traits
• Forecasting is based on adequate source.
• Notes and Data is accumulated in storage.
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