Criteria Strong Support Support Business Strategy Urgency 10% of Sale From New Products Competition Fill Market Gap Weighted Total (a) Weighted Total (b) Weight 2 5 4 3 1 3 ? ? Project 1 9 5 2 0 2 5 ? ? Project 2 3 7 2 0 2 5 ? ? Project 3 6 8 2 3 6 8 ? ? Project 4 1 0 5 10 6 9 ? ? Project 5 3 10 10 1 8 0 ? ? The Custom Bike Company has set up a weighted scoring matrix for evaluation of potential projects. Above are five projects under consideration. Using the scoring matrix above, which project would you rate highest? Lowest? If the weight for “Strong Sponsor” is changed from 2.0 to 5.0, will the project selection change?  What are the three highest weighted project scores with this new weight? Why is it important that the weights mirror critical strategic factors?

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.