MGT 498 Week 2 - Discussion Question 3
MGT 498 Week 2 - Discussion Question 3 MKT421
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This 0 page Study Guide was uploaded by NUMBER1TUTOR Notetaker on Friday November 13, 2015. The Study Guide belongs to MKT421 at Phoenix College taught by in Fall 2015. Since its upload, it has received 33 views.
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Date Created: 11/13/15
What are some key elements which should be included in forecasting and why Forecasting is essential for managements to control and thrive Forecasting is used for the obvious reasons as there is no source of magical power that can give us 100 correct forecasts There is no Oracle of Delphi to help us here thus forecasting must be used Forecasting has its limits and forecasting can only forecast so much and so far Depending on the company its structure its cash ow and its profits can a forecasting be extrapolated far or short All factors involved in forecasting must be as accurate and precise as to date Some key elements that should be included in forecasting are Realism The forecast must be realistic and not extrapolated too far so it can help in decision making Information There is a lot of information needed to conduct strategic forecasting such as the balance sheet cash ow records general ledgers etc Along With this the information must also be uptodate and accuratewell managed Breakeven Point The forecasting model must be able to display future breakeven points Variable limits Variables in the forecasting model must be the significant ones only the ones that aren t significantly related Which can be determined through regression testing are to be left out Performance The current performance of the organization should be forecasting With its actual performance projected performance
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