GM506 diss 3

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Purdue University *

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GM506

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Business

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Feb 20, 2024

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docx

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Uploaded by DrDinosaurPerson592

Forecasts show a company's expected profitability, inventory levels, and sales goals (Block et al., 2022). When trends deviate from the plan, steps can be taken to get back on track to achieving business objectives. It is possible to base strategic decisions on what works and what doesn't. Forecasts help businesses plan for change, lessen uncertainty, and identify the most effective approaches for attaining their goals (Nita et al., 2017). For the forecasting process to be successful, collaboration across all departments is required (Block et al., 2022). Production must supply capacity information as workforce training will be provided by the organization. Promotions and market guidance are the responsibility of the marketing and sales divisions. Forecasting encourages all departments to cooperate, comprehend, and advance common goals (Block et al., 2022). Forecasts are based on data and tend to be less emotionally influenced. An organization may quickly determine when a product or category is trending up from the initial projection by using a forecast (Nita et al., 2017). Re-projecting demand allows for price or inventory changes to improve profitability. Forecasting future commitments and understanding the relationship between debt and equity are required to properly analyze risk and select the optimal management techniques (Nita et al., 2017). Although long

forecast periods are preferred, there are problems with their dependability. Since it is challenging to predict every variable, especially those that are outside the control of the organization, financial estimates are typically wrong (Block et al., 2022). The probable loss of critical personnel, unanticipated equipment failures, and legal changes are notable negatives (Nita et al., 2017). However, good forecasting should strike a balance between optimistic and pessimistic projections (Nita et al., 2017).

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