2555-ForecastingDQ-Shiva

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Nov 24, 2024

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Running head: PROJECTS FORECASTING 1 Analysis of Projects Student Name Course Title University Name Submission Date

PROJECTS FORECASTING 2 Introduction The following document is about an analysis of a selected project in terms of the comparison between its actual performance and forecasted results. The forecasting of the project is also evaluated by highlighting any missteps in the process of forecasting. The errors encountered in the real execution of the project are also expressed. Projects Forecasting It has been a usual business practice to make an informed forecast about different variables. This practice assists the managers in making strategies for the long and short term future of business functionality. Forecasting leads to well aware qualitative and quantitative business decisions. Inaccurate forecasts can result in grave strategies. These forecasts are about various business elements such as sales growth and economic growth (Sun et al., 2019). The financial forecasts always carry the risk to make predictions about the future. This risk is embedded in the financial forecasts due to their reliance on old and bygone data and the absence of certain variables in that past data. A business project for the production of copy paper is selected to perform an analysis of its predicted and actual results (Elenchev and Vasilev, 2019). A project of making a paper for copies Suppose a business organization is planning to produce and sell copy papers. The business forecasting needed for this project will include setting up a problem point such as the possibility of people willing to buy this product. This will help in determining the theoretical variables for the quantitative forecast and the collection of data. Finally, the sensitivity analysis is conducted to measure the risk of market drivers (Castro et al., 2019). The first step of forecasting the drivers of its consumer demand will involve statistical analysis of factors that can change in the future and influence the demand. The illustrated data collected is as follows:

PROJECTS FORECASTING 3 Figure 1: Drivers of Demand for the paper Figure 2: The Drivers of Demand after applying statistical technique (Four Steps to Forecast Total Market Demand, 2020)

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PROJECTS FORECASTING 4 The above forecast figures show that the cost per paper is predicted to stay consistent but there is a questionable reduction in the cost per paper. On the other hand, the growth in sakes turned out to be at a rate that was expected. The business can now conclude that the actual growth of the paper is dependent on the consumption of paper and hence, the overall economic growth can be reached by reviewing the data of similar project initiatives in the same industry by other members.

PROJECTS FORECASTING 5 Reference List Castro-Sánchez, E., Sood, A., Rawson, T. M., Firth, J., & Holmes, A. H. (2019). Forecasting Implementation, Adoption, and Evaluation Challenges for an Electronic Game–Based Antimicrobial Stewardship Intervention: Co-Design Workshop With Multidisciplinary Stakeholders. Journal of medical Internet research , 21 (6), e13365. Elenchev, I., & Vasilev, A. (2019). Forecasting the Success Rate of Reward Based Crowdfunding Projects. Managing Global Transitions: International Research Journal , 17 (1). Sun, C., Shrivastava, A., Vondrick, C., Sukthankar, R., Murphy, K., & Schmid, C. (2019). Relational action forecasting. In Proceedings of the IEEE Conference on Computer Vision and Pattern Recognition (pp. 273-283). Harvard Business Review. (2020). Four Steps To Forecast Total Market Demand . [online] Available at: <https://www.google.com.pk/amp/s/hbr.org/amp/1988/07/four-steps-to- forecast-total-market-demand> [Accessed 22 May 2020].

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