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Planning versus forecasting?

Planning and forecasting are two principles that have to work together. During planning of financial projects forecasting will be used to estimate various aspects of the project and so on.


Why organizations need information?

Organizations need information so as to be able to operate. Information is essential for purposes of planning and forecasting in an organization.


What term is used to describe the process of developing organization objectives and translating to course of action?

Planning


How is forecasting related to the planning function?

Forecasting is closely related to the planning function as it involves predicting future trends and events, which is essential for creating effective plans. By using forecasting techniques, organizations can anticipate changes, set realistic goals, allocate resources efficiently, and make informed decisions to achieve their objectives. This helps in developing strategic plans that are aligned with the expected outcomes and market conditions.


Compare and contrast scenario planning and project management with particular emphasis on the implications of these techniques for the manager and the organization?

Compare and contrast scenerio planning and project management


Discuss types of environment and techniques of environmental forecasting?

Types of environments include physical (natural), technological, economic, political/legal, and sociocultural. Techniques of environmental forecasting include trend analysis, scenario planning, Delphi method, and computer simulation models. These methods help organizations anticipate and prepare for changes in their external environment.


Elements of Human Resource Planning?

Balancing labor supply and demand, analyzing current labor supply and forecasting labor demand are the three key elements of HR planning. HR planning serves as the bridge between plan of organization and resource management.


Why do organizations need information?

to serve as a organization to give information when people around the world need it for special purposes


What are the planning approaches and techniques?

tourism planning approaches and techniques


What are the tour planning approaches and techniques?

tourism planning approaches and techniques


What is the goal when work force planning?

The goal of workforce planning is to align an organization's current and future workforce needs with its strategic objectives. This involves forecasting future workforce requirements, identifying gaps in skills or positions, and developing strategies to ensure the organization has the right people in the right roles at the right time.


What is the difference between the word planning and forecasting?

Planning is the attempt to create the future by building a path that leads to the furure you desire. Forecasting is attempting to predict the future through empirical means.