1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
soldi70 [24.7K]
2 years ago
11

In your own words, what are the strengths and

Business
1 answer:
german2 years ago
5 0

Answer:

<em><u>Advantages</u></em>

<em><u>Helps in Scheduling </u></em><em><u>:</u></em><em><u> </u></em>

One of the greatest benefits of forecasting is that it helps the manager to prepare for the organization's future. Currently, planning and forecasting go hand in hand. We will not prepare for it without an understanding of what the future holds for the business. Forecasting, therefore, plays a very significant role in planning.

<em><u>2) Changes to the Climate</u></em> :

Prognostics should be able to point out the potential environmental changes when performed correctly. This implies that it will allow the organization to benefit from such environmental changes. It can develop and grow its business if the changes are beneficial to the company. And it may intend and prepare to defend itself in adverse circumstances.

<em><u>3) Weak Spots </u></em><em><u>Detection</u></em><em><u>:</u></em>

Another benefit of forecasting is that it can help the manager find any weak points that the company may have or overlooked areas. When attention has been drawn to these areas, successful controls and preparation strategies to fix them can be put into practice by the manager.

<em><u>Disadvantages</u></em><em><u>:</u></em>

<em><u>1</u></em><em><u>) Factors Time and Cost </u></em>

There is usually a lot of data and knowledge needed to make structured forecasts. And, there is a lot of time and money involved in the processing and tabulation of such results. Another aspect is also the translation of qualitative data into quantitative data. One must be cautious that the forecasting time, resources, and effort expended must not overshadow the real benefits of such forecasts.

2) <em><u>Based on Forecasts </u></em>

Assumptions, approximations, natural conditions, etc are the basis of every forecasting system. This renders those predictions inaccurate. So, the inherent weaknesses of forecasting must always be kept in mind and everyone has to be careful about being over-reliant on them.

3) <em><u>Just Estimates </u></em>

The future will be unpredictable at all times. Even if the best methods of forecasting are used and every factor possible is accounted for a prediction is still just an estimation. With 100 percent effectiveness, one can never predict future events. So even the best-laid plans can be nothing at all. This will still be one of forecasting's greatest constraints.

Hope it helps.

You might be interested in
Our last four periods had sales, from oldest to most recent, of 100, 200, 130, and 300. what is the three-period ma
masya89 [10]
<span>Sales during the last four periods are in the order from older to recent as 100, 200, 130, and 300. Moving average is a successive average calculated from the successive segments. So the third month moving average MA3 = (200 + 130 + 300) / 3 = 630 / 3 = 210 So the answer is 210.</span>
6 0
2 years ago
What should you include on a resume?
jeka94

The answer to your question is,

D) Your career objective.

-Mabel <3

7 0
3 years ago
Which of the following methods is useful for recovering stolen property
Tju [1.3M]
Since you didn't give any methods to choose from, I will post several that can help a person recover their stolen goods. Contacting the police is the best way to recover your goods. A person should always write down serial numbers of their items such as electronics, guns, etc. The police should document and recover any physical evidence left at the crime scene. If you have jewelry in your home, you should always have a picture of all the jewelry to aid in the recovery. <span />
5 0
3 years ago
Read 2 more answers
There are two nations that, using all of their resources, both produce lemon drops and boxes. Nation A can produce either 300 le
In-s [12.5K]

Answer:

I drew the production possibilities frontier curve for both nations, A and B, and attached it.

Explanation:

7 0
3 years ago
A product is scarce when what happens?
blondinia [14]
D. Demand is greater than supply
8 0
3 years ago
Read 2 more answers
Other questions:
  • Arjen owns investment A and 1 bond B. The total value of his holdings is 2,607 dollars. Investment A is expected to pay annual c
    6·1 answer
  • What is another term for accountability?
    9·1 answer
  • 1. What are consumer goods?
    7·1 answer
  • Developing the marketing mix and its budget are part of which step in the planning phase of the strategic marketing process?
    6·1 answer
  • On July 1, 2019, Pharoah Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $16,000 salva
    9·1 answer
  • A linear programming problem contains a restriction that reads "the quantity of X must be at most three times as large as the qu
    15·1 answer
  • The unemployment rate _________.
    5·1 answer
  • Trade-offs between the characteristics that make information useful may be necessary or beneficial. Issuance of interim financia
    9·1 answer
  • Zephyr Inc., a manufacturer of electronics products, is planning to release a new product into the market. They are hoping to ta
    11·1 answer
  • In 2010, some bottles of a competitor’s kombucha were bubbling and leaking at a whole foods in texas. Test results revealed that
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!