Forecasting and Planning

Forecasting and Planning ToolsThe methods of forecasting and planning provide a diverse array of perspectives on predictions for the future. It is important for managers to understand the characteristics, strengths, and shortcomings of the various methods in order to use the methods best suited for their particular needs.In the Resources this week, you have examined a number of tools and methods available to managers to assist in forecasting and planning. For this Discussion, from your own organization or one with which you are familiar, select an area where forecasting would be a valuable tool for planning.Using the “Steps in the Forecasting Process” outlined on pages 274 and 275 of your text (Shim & Siegel, 2012), proceed through each of the first four steps for the organizational area you selected and post your work for each step. For Step #3, select both a qualitative and a quantitative forecasting method and provide the reasoning behind your choice. For Step #4, simply indicate how you would gather the data.Also address the following in your post:Which type of forecasting tool seemed more appropriate for the organization you selected—a qualitative or quantitative tool? Why? What do you see as the advantages and disadvantages of each?References:Chapter 14, “Forecasting and Planning: Reducing Risk in Decision Making”Shim, J., Siegel, J., and Shim, A. (2012). Budgeting basics and beyond. Hoboken, New Jersey : John Wiley & Sons

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