Chapter 1 – Fundamental Issues in Business Forecasting
Discussion post 200 word. APA with a reference.
Refer to the Topic Material, “Chapter 1 – Fundamental Issues in Business Forecasting.” (SEE LINK BELOW). This resource includes a discussion of unrealistic expectations and forecast accuracy. How have you seen this demonstrated in your organization or industry? Describe the forecasting scenario and the “prediction” that did not come true. What conversations did management have surrounding this issue? How would you mitigate expectations for a situation like this in the future?
The business world is very dynamic surrounded by many uncertainties. Every forecast/ decision the management makes has to be carefully evaluated to determine its potential benefit or risk to the business. Since forecasts direct future planning, budgeting and business activities (Brooks, 2015), wrong predictions may cripple business to the point of no return………………………