CTRL + SPACE for auto-complete. INTRODUCTION In simple terms forecasting means, “estimation or prediction of future”. Organizations use strategic forecasting to support decisions about their future business and marketing strategy. Yet those decisions need to be made and executed to move the firm forward. According to BusinessDictionary.com, business forecasting is “a planning tool that helps management in its attempts to cope with the uncertainty of the future, relying mainly on data from the past and present and analysis of trends.” In essence, forecasting creates scientific estimates, based … 1.5   Significance of the Study/ Justification of the study. Marketing forecasting is the ability for marketers to showcase the downstream impact of their efforts. Accurate business forecasts and powerful reports can provide the insight businesses need now to make better and faster decisions when dealing with market turmoil. As a source for ideas for your own research work (if properly referenced). Using this Service/Resources: In planning, the past and present state of an organization is considered in other to bounce back better and stronger. Organizations that fail to plan, plan to fail. Statistics in business can be likened to the third eye through which any business enterprise can see the future. The major objective of this research is to discover the role of planning and forecasting in business organization. For PROPER paraphrasing (see your university definition of plagiarism and acceptable paraphrase) Financial forecasting. Forecasting may involve taking historical data (such as past sales) and projecting them into the future with a mathematical model. Business is full of uncertainty. To determine if planning and forecasting should be the duty of just the managers. Reducing Inventory Stockouts. Scenario planning is a common approach to planning for the unknown. Demand forecasting reduces risk related to business activities and helps it to take efficient decisions. Tips for Business Forecasting. Hi:Business organizations can strive without planning and forecasting. If you don’t have confidence in the amount or quality of the data, you may want to choose a qualitative method to forecast until data becomes available. The role of planning and forecasting in business organization is a topic chosen from the business administration and management field. It is also the navigation compass that guides a company on the road path to take, in other to avoid shipwreck. Many organizations fail because of the notion that planning and forecasting should center on a part of an organization. This study isbroad since it is studying on the role of planning and forecasting in business organizations generally. Demand forecasts deal with the company's products and estimate consumer demand. THE ROLE OF PLANNING AND FORECASTING IN BUSINESS ORGANIZATION Planning and forecasting are vital tools needed in an organization for performing management functions and in decision making to ensure all departments of the organization functions well. There are needed in the achievement of an organizational goals and objectives. Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends. Strategic forecasting uses historical data on sales of a product or service, and makes predictions about the trend of future sales to create an estimate of future demand. Thus forecasting is considered as the indispensable component of business, because it helps management to take correct decisions. In addition, some business organizations crash due to poor timing of planning and forecasting. ADVERT SPACE !!! 3. 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