Applications of Forecasting by Firms

Applications of Forecasting by Firms

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Applications of Forecasting by Firms

Assignment 2: Applications of Forecasting by Firms

Forecasting is used as a tool for planning. When developing forecasts, firms need to think of all possible scenarios and their future impacts.

For example, if you are in a management role and overforecast sales, you will then overforecast employees or payroll as you will schedule more employees than needed to meet your projected sales. This overforecasting will lead to excess purchasing of supplies and, ultimately, lead to insufficient cash flows because you will need to pay for expenses incurred to maintain and provide services for revenues that did not come in as projected. A small error in forecasting at the start can significantly affect overall results. In this assignment, you will be exposed to the basic principles of forecasting.

Tasks:

Applications of Forecasting by Firms

Research a firm that applies forecasting principles and methods. You can take examples from your own work experiences. You can also consult sources such as the Wall Street Journal, Financial Times, Bloomberg Markets, the Economist, US News and World Report, and the Argosy University online library resources.

Create a 4- to 5-page research paper that includes responses to the following:

• Identify the sales forecast for the firm.
• Analyze how this sales forecast impacts all other forecasts for the firm, such as materials, labor, overhead, cash receipts, and disbursements.
• Explain the exogenous factors that you need to be aware of when developing these forecasts. Assess the GDP, rate of inflation, rate of unemployment, and interest rates trends.
• Evaluate the prerequisites of a good forecast that you should keep in mind as a manager when budgeting sales and production amounts.

Applications of Forecasting by Firms

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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