Define the term forecasting, Managerial Economics

Assignment Help:

Define the term forecasting

As the term 'forecasting' may appear technical, planning for future is a critical aspect of managing any business or anorganisation.  The long-term success of any organisation has close association with the propensity of the management of the organisation to foresee its future and develop appropriate strategies to deal with likely future scenarios. Intuition, knowledge and good judgment of economic conditions allows the manager to 'feel' or maybe anticipate the likelihood in the future. It's not easy, though, to metamorphose a feeling about the future outcome into concrete data for example, as a projection for subsequent year's sales volume. Forecasting methods can help predict several future aspects of a business operation like forthcoming years' sales volume projections.  


Related Discussions:- Define the term forecasting

Will you make any profits in the short run, Problem 1: Using relevant e...

Problem 1: Using relevant examples, discuss the pricing strategies that firms can use to capture value from their customers. Problem 2: You are a manager in a perfectl

Explain about the pricing analysis, Explain about the Pricing analysis ...

Explain about the Pricing analysis Microeconomic methods are employed to examine lots of pricing decisions. This includes transfer pricing, price discrimination, joint product

What is managerial economics according to spencer, What is Managerial econo...

What is Managerial economics according to Spencer and Siegelman Spencer and Siegelman:  Managerial economics is "the integration of economic theory with business practice for t

Limitation of bank rate, Limitation The degree or success with which t...

Limitation The degree or success with which the central bank can use its bank rate policy to control the total credit in the economy depends upon the interest elasticity of in

Define the term forecasting, Define the term forecasting As the term 'f...

Define the term forecasting As the term 'forecasting' may appear technical, planning for future is a critical aspect of managing any business or anorganisation.  The long-term

Principles, Give some examples for marginal and incremental principle

Give some examples for marginal and incremental principle

Arguments against monopoly, Arguments against Monopoly However monopol...

Arguments against Monopoly However monopolies have been accused of the following weaknesses. Diseconomies of scale While the monopolistic firm ca

Theories of cost, what is traditional theory of cost/explain with suitable...

what is traditional theory of cost/explain with suitable diagram

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd