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Forecasting in Week Four
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. Many times, this unique approach is used not only to provide a baseline, but also to offer a prediction into the corporation¡¦s future. Planning problems, whether dealing with services or merchandise, can cause any manager headaches easily solved by forecasting. It is important that any manager realizes that the past is a key to the future. Although no long-term plan is perfect, using the correct forecasting tool, along with continual evaluation, allows the manager to review and update corporate financial plans.
Types of forecasting
Forecasting can be classified into four basic types: qualitative, time series analysis, causal relationships, and simulation (Chase, Jacobs, & Aqualino, 2006, p. 513). The purpose of forecasting is to translate experience from the past...

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Title: Forecasting In Business
Approximate word count: 1498
Approximate pages: 6 (250 words per double-spaced page)

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1. Forecasting In Business
   

   Forecasting in business. ... Business forecasting. Retrieved February 14, 2006, from
   http://www.bized.ac.uk Chase, RB, Jacobs, FR, & Aqualino, NJ (2006). ...

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   ... Forecasting Coni Robinson University of Phoenix Organization Management MGT 554
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