Happy New Year

Hye guys,
Happy New Year to all of you
Nice to meet you again

Let's learn some know on your new year

Forecasting	Planning
The whole process of developing the necessary methods to generate the future values which subsequently can be used as input for the goals and objectives of the firm.	Concerned with the setting of goals and objectives and with developing alternatives action that are matches generally to management control.

Uses of FORECASTING

1) In production planning:

    Identify the needs, allocate resources and establish goals.

2) Sales planning:

    Determine the future demand of goods.

3) Estimating cash flow:

    Enable the firm to operate more efficient. Prevent from more loss and gain more profit.

4) Inventory control:

    To maintain the balance between level of stock and demand of the product.

Types of Forecasting technigue

There are two types of forecasting technigue

Quantitative (statistical)

-Projective method (univariate)

-Causal method (econometric)

Qualitative (judgemental)

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