Question

As a leader/manager/director, it is important to understand the forecasting process in your company.

Briefly describe how it was developed, how it works, and if it is being changed to meet the needs of

the organization as required?

Answer 1

The forecasting process in my organization was developed by looking at the performance of the competitors and carrying out a primary and secondary research on all the players presentbin the industry. The data gathered from this exercise was then used to develop a forecasting model for the organization which contained the future trends of the industry, expected profits and revenue margins, expected challenges to be faced, seasonal and annual trends etc. All this information was extremely important for the organization to start as a base point and then move from there on. This forecasting process has been changed with changing organizational needs and requirements. As the mission, vision and goals of the organization were defined, the processes to achieve those goals and mission kept on changing from time to time. This resulted in change in forecasting processes as well and obtaining new set of information to cater to the changing processes and new forecasts were developed to see the future trends for changed strategies. This has helped the organization to shape up and develop itself really well and also adapt to the changing business requirements and customer preferences since forecasting processes are extremely flexible and can be developed with changing organizational needs.

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