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Business Forecasting - Mind Map
Mind Maps have been produced to introduce topics and give students an overview of key topics being studied. The maps can be viewed as a whole page or, for those who prefer a more linear approach, as a text version.
View larger version of the mind map.
Business Forecasting
- Costs and benefits
- Costs
- Cannot predict the future with any certainty
- The past not a guide to the future
- Qualitative - how reliable? (Peer pressure)
- Change in business objectives can make forecasts redundant
- External factors cannot be predicted with any certainty
- Benefits
- Can inform decision-making
- Quality of data vital
- Enables businesses to plan for resource allocation
- Methods
- Quantitative
- Where statistical data is available
- Moving Averages
- Trends
- Cyclical variations
- Random variations
- Seasonal variations
- Extrapolation
- Qualitative
- Assesses opinion
- Delphi Technique
- Consumer Panels
- Focus Groups
- User Groups
- In - house judgements
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