A forecast statement involves writing a brief preview of the basic ideas or information that you wish to convey to readers in your writing. It gives your readers a brief outline of what they should expect in your piece of work paper. It is an effective way of informing your readers in advance of what to expect, particularly concerning how you have organized ideas in your writing. The writing of a forecast statement is a building block of good writing in various fields. It can be used in essays where it serves as a broad view of the topic, the purpose of the paper and boundaries of the paper. In scientific writing, it can be used to give an outline of the investigative approach to a problem since they can be used to list a series of steps used during the investigation process.
Essay on The Importance Of Forecasting in Market Operations | Bartleby
In: Business and Management. Forecasting Methods Genius forecasting - This method is based on a combination of intuition, insight, and luck. Psychics and crystal ball readers are the most extreme case of genius forecasting. Their forecasts are based exclusively on intuition. Science fiction writers have sometimes described new technologies with uncanny accuracy. There are many examples where men and women have been remarkable successful at predicting the future. There are also many examples of wrong forecasts.
Forecasting Methodology Forecasting is an integral part in planning the financial future of any business and allows the company to consider probabilities of current and future trends using existing data and facts. Forecasts are vital to every business organization and for every significant management decision. Forecasting, according to Armstrong , is the basis of corporate long-run planning.
A forecasting is a planning tool used by the management to cope with the uncertainty of the future. Forecasting is mainly based on the reliable data from the past and present and analysis of trends. Forecasting is based on certain assumptions, knowledge, and judgment.