ISCOM/305 Week 4 Discussion question 2

Feb 28th, 2015
Steve1995
Category:
Business & Finance
Price: $5 USD

Question description

According to our text, forecasting is simply a prediction of what will happen in the future (Russel & Taylor, 2011). It is similar of what we see when we watch the weather in the news. Forecasting in a company involves how a company will be like in the future. Again, similar to when we view the weather in the news, forecasting in a company is not entirely accurate. Reasons why a company forecasts include planning for the future of the company, what and how to meet with customer demands, how to deal with inventory, etc. Since this method isn't entirely accurate, a company manager may use data from past experiences, customer feedback, and even educated guesses about what customers may look for in the future. I believe that forecasting, although it may not be accurate at times, is important for a company to "see" how they can be able to continue to work with other consumers and other companies so that they can be able to give quality service. One example of how forecasting may work is the consumer demands. A company should have enough stock of certain products so that they can serve customers in a timely manner. Using the forecasting strategy, the company can assume how much more customers will buy a certain product so that they can be able to meet their needs accordingly. All this data can be used to make decisions for the company and its future. There are also many methods of forecasting. Would anyone like to further discuss?

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Rice University
PREMIUM TUTOR

Studypool has helped 1,244,100 students

8 Reviews


Summary
Quality
Communication
On Time
Value
pmallory
Dec 10th, 2016
" Totally impressed with results!! :-) "
mixedballz
Dec 1st, 2016
" excellent work as always thanks for the help "
Five Star Tutor
Nov 26th, 2016
" Outstanding Job!!!! "
kiln82
Nov 18th, 2016
" awesome work thanks "
darnay
Nov 9th, 2016
" The best tutor out there!!!! "
likeplum4
Nov 4th, 2016
" Excellent work as usual "
kpcutie
Oct 13th, 2016
" Excellent job "
Joemoe
Oct 4th, 2016
" <3 it, thanks for saving me time. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1827 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors