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3 years ago

Forecasting is the heart of planning process. Explain

Business

1 answer:

Gnoma [55]3 years ago

3 0

Answer:

Forecasting is a very important step in the planning process, so much that without forecasting, the planning process for a project of a firm as a whole would not be possible.

Explanation:

The reason is that by definition, planning corresponds to a process that will be realized at some point in the future, (whether in the long or short-term depends on the planning horizon), and for the most part, information about the future is uncertain, and hard to predict. For that reason, the planning process must use forecasting methods to determine important variables like future sales, future revenue, future costs, and so on.

There are many forecasting techniques. For the most part, these techniques are statistical in nature and based on past information that is supposed to replicate somehow in the future. However, sometimes, more qualitative or intuitive forecasting methods are used, when statistical information is hard to come by.

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Abe owns a dog; the dog's barking annoys Abe's neighbor, Jenny. Suppose that the benefit of owning the dog is worth $200 to Abe

umka2103 [35]

Answer:

Jenny pays Abe $300 to give the dog to his parents who live on an isolated farm

Explanation:

The answer is already stated within the question, but I'll provide the explanation.

In order to reach a solution, Jenny would have to offer Abe an amount to get rid of the dog that is more than Abe's benefit of owning the dog, which is $200.

On the other hand, since Jenny bears a cost of $400 from the bark, she would only be willing to spend as much as $400 to resolve the situation. Therefore, the acceptable range for the amount of the agreement for both parts is:

$200 < X < $400.

Since $300 is within that range. Jenny paying Abe $300 to give the dog to his parents is a possible solution.

6 0

3 years ago

Read 2 more answers

A local school administrator observes an increase in the number of flu cases in the public schools over the last two years. She

pshichka [43]

It should be noted that the failure to vaccinate some children isn an external cost. [See the attached graph]
The social cost curve is also indicated accordingly.
From an efficiency perspective, subsidizing vaccines does make sense because, without the subsidy, the equilibrium quantity is less than the socially optimal quantity.
The school nurse suggests publishing a list of which kids did not get a flu vaccine, in the hope that public shaming will lead people to vaccinate their children. The school nurse is hoping that social norms will act like a punishment and lead the market to a socially efficient
The flaws that the school nurse's suggestion have are:

People that feel passionate about not vaccinating are typically doing so for medical or religious reasons and will not sway to social norms or peer pressure. (Option B)

The school would potentially face a lawsuit because sharing protected health information (PHI), like immunization records, without parents' consent could be a violation depending on the regulations of the state. (Option C)

<h3>What is social Cost?</h3>

In neoclassical economics, the social cost is the total of the transaction's private costs plus the costs imposed on consumers as a result of being exposed to the process for which they are not rewarded or taxed.

In other words, it is the total of internal and external expenses.

Learn more about social cost:
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8 0

2 years ago

Protein folding is often described as a highly cooperative process. this means that

Orlov [11]

Protein folding is often described as a highly cooperative process. This means that proteins tend to be folded or unfolded without the presence of partially folded states.
Proteins help build hormones, enzymes and other body muscles. It is also the basic for blood, skin and bones etc. in human body.

3 0

3 years ago

se the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $31,226 Accoun

Alex777 [14]

Based on the information given the amount of quick assets is $128,694.

Using this formula

Quick assets = Cash + Marketable securities + Accounts receivable

Where:

Cash=$16,106

Marketable securities=$37,992

Accounts receivable=$74,596

Let plug in the formula

Quick assets =$16,106 + $37,992+ $74,596

Quick assets = $128,694

Inconclusion the amount of quick assets is $128,694.

Learn more about quick assets here:brainly.com/question/11209470

8 0

3 years ago

The following information is taken from the income statement of Olympic, Inc.: Depreciation Expense $ 90,000 Amortization Expens

Lina20 [59]

Answer:

The correct option is D,$402,000.

Explanation:

In determining the cash flow provided by operating activities,we need to adjust the net income for effects of non cash items reported.It is important to note that the reverse of the earlier treatment of the items is what is required now.For instance depreciation and amortization were deducted in income statement,for cash flow purposes we need to add both to net income.

Net income $315,000

add depreciation $90,000

amortization $15,000

loss on sale of equipment $9,000

less gain on sale of building($27000)

Cash flow from operations $402,000

The cash flow from operating activities as adjusted is $402,000.

6 0

3 years ago

Forecasting is the heart of planning process. Explain​

Forecasting is the heart of planning process. Explain