(2) they fail to account for unique events.
(1) predictions are made using historical data.
(3) they ignore coevolution (developments created by individual actions).
Discuss problems and solutions associated with business forecasting in Nigeria
Business forecasting is basically an estimate of the future developments in a business or organization. This would include sales, expenditures, and profits.
John E. Hanke has written: 'Fundamentals of business statistics' -- subject(s): Commercial statistics 'Pronosticos En Los Negocios' -- subject(s): OverDrive, Business, Nonfiction, Text Book 'Business forecasting' -- subject(s): Business forecasting 'Instructor's manual to accompany Business forecasting, 2nd ed' 'Instructor's manual to accompany Business forecasting' -- subject(s): Problems, exercises, Economic forecasting, Business forecasting 'Understanding business statistics' -- subject(s): Statistical methods, Industrial management
Paul Newbold has written: 'Forecasting in Business and Economics, Second Edition (Economic Theory, Econometrics, and Mathematical Economics)' 'Statistics for business and economics' -- subject(s): Statistical methods, Economics, Statistics, Commercial statistics 'On the incremental benefits of using consolidated accounting data to predict conglomerate earnings' 'Statistics for Business& Economics & Stu CD' 'Introductory business forecasting' -- subject(s): Statistical methods, Business forecasting
Joseph Moses Gillman has written: 'Business forecasting' -- subject(s): Business forecasting
Wilson J. Holton has written: 'Business forecasting' -- subject(s): Business forecasting
Sales forecasting is using business intelligence to develop a strategy for budgets. Business intelligence is the data used to get the sales forecast.
Elizabeth W. Angle has written: 'Keys for business forecasting' -- subject(s): Business forecasting
One advantage of business forecasting is that it offers the business with essential information that can be used for decision-making regarding the future of the organization. One disadvantage forecasting is not always accurate. A bad forecast may break an organization.
Elmer C. Bratt has written: 'Business cycles and forecasting' -- subject(s): Business cycles, Economic conditions, Business forecasting