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]
3 years ago
11

In your own words, what are the strengths and

Business
1 answer:
german3 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
The substitution effect of an increase in the price of Raisin Bran refers to Select one: a. the decrease in the demand for Raisi
EleoNora [17]

Answer:

the fact that the higher price of Raisin Bran relative to its substitutes, such as Cheerios, causes consumers to buy less Raisin Bran.

Explanation:

the substitution effect arises when as a result of a rise in the price of a good, the good becomes more expensive relative to its substitutes. Consumers not consume less of the good and more of the substitute. This leads to a movement up along the demand curve for that goods and not a movement along the demand curve for the good and not a shift of the demand curve.

If the price of the good increases. The good becomes cheaper when compared with substitutes. As a result, the demand for the good increases while that of the substitutes decreases.

The income effect is when an increase in price lowers consumer's purchasing power, holding money income constant.

5 0
2 years ago
Making formal statements, holding rites and rituals, utilizing employee training and coaching, demonstrating how a leader reacts
Genrish500 [490]

Answer:

Effect Corporate Change

Explanation:

Making formal statements, holding rites and rituals, utilizing employee training and coaching, demonstrating how a leader reacts to a crises, being a role model, and giving rewards, promotions, and bonuses are some of the teaching methods that organizations can utilize to effect corporate change. Change is one of the important and most difficult process for any organization. It needs to be carried out slowly as it has been manifested in the above given statement as well. Employees need to be given training, promotions, rewards and bonuses, they must be listened, their concerns should be addressed in order to make change process easy and smooth.

8 0
3 years ago
Hakimo Corp., a manufacturer of audio equipment, has developed a unique wireless speaker system that runs on solar power. The sp
Pavel [41]

Answer:

<u>discontinuous innovation.</u>

Explanation:

Discontinuous innovation occurs when a new product is launched in the market that influences the design of new consumption habits, new value and new market.

They can also be called radical technological innovation, as they not only add value to an existing product, but create a product that can meet needs that were not possible with a previous product, so it is justified to say that there is a new product and market, such as analog cameras and digital cameras.

There is greater risk and cost in creating a product of discontinuous innovation than incremental product continuation, because creating something new involves many processes, time and costs, and there is still the possibility that the product will not be accepted in the marketplace. Therefore, it is essential for the company to conduct research and development, marketing research, create something that adds value and has a low cost to consumers, and then invest effectively in discontinuous innovation.

3 0
4 years ago
Amounts withheld from employee's earnings for employee income tax is considered a _____ by the employer until the government is
Komok [63]

Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid

What is liability?

Liability means the obligation that one party owes another, whose settlement requires the indebted party to transfer cash or equivalent value of other benefits commensurate to the liability to the other party.

In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.

The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.

Find out more about liability on:brainly.com/question/17090843

#SPJ1

Missing options:

(A) assets. (B) liabilities. (C) salary expense. (D) revenue.

7 0
2 years ago
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transa
KengaRu [80]

Answer:

Kindly see attached organized table for clarity.

                                                                 Item cash      Net income

a  Purchase of Supplies of cash                 -$133                   -

b  Adjusting entry for use of supplies            -                     -$31

c  Made sales on account                               -                   $1,297

d Received cash from customer on acct   $865                  -

e  Purchased equipment for cash             -$2,528                -

f   Depreciation of building to be recorded     -                  -$610

4 0
3 years ago
Other questions:
  • Akihabara Imports offers the widest selection of Japanese animation products available on the Internet.
    12·1 answer
  • Suppose Microsoft stock will provide either a return of 10 or 20 percent over the next year and that the probability of the form
    7·1 answer
  • Local Co. has sales of $ 10.8 million and cost of sales of $ 5.7 million. Its​ selling, general and administrative expenses are
    12·1 answer
  • Gundy Corporation produces area rugs. The following per unit cost information is available: direct materials $19, direct labor $
    14·1 answer
  • Prepare journal entries to record the following four separate issuances of stock. A corporation issued 7,000 shares of $10 par v
    10·1 answer
  • What are the principal tools and technologies for accessing information from databases to improve business performance and decis
    6·1 answer
  • Margaret owns a stuffed animal shop. At first, it is just she and her daughter Allison hand-sewing stuffed bears, stuffed sharks
    6·1 answer
  • What is the tribal assistance coordination group (TAC-G)?
    15·1 answer
  • Information technology unit test
    12·1 answer
  • How do you pay taxes and is it hard ( just curious)
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!