Role of Forecasting in Business Management
Objectives
This research will be instrumental in business organizations. It will seek to accomplish the following objectives:
- Studying the past performances of the business
- Predicting the magnitude of future uncertainties in the business
- Analyzing the challenges facing the business
- Planning on the strategies to employ to overcome any uncertainties
- Developing strategic plan for the organization
Proposed Literature Review
Apart from relying on the primary source of data, the research will use secondary sources such as books and journals. There will be a careful selection of the relevant secondary sources to use. It will make the research authoritative and have an alternative voice.
Proposed Research Methods
In order to conduct an extensive research which can be relied upon, the following research methods will be applied:
- Interviews
After identifying the target population, a proportionate sample will be selected then subjected to an interview. Here, they will respond to well designed open and closed ended queries. It will help in providing first hand accurate information for the research.
- Surveys
A survey will be carried out to collect more information about the organization and its internal and external environments.
- Questionnaires
The sample population will be supplied with questionnaires with a set of questions to respond to. It will give the respondent an opportunity to answer the queries without any unnecessary influence from the researcher.
A case study will be analyzed to provide benchmark information for the research
Proposed Data Analysis and Presentation
The following methods will be used to analyze and present data:
- Use of graphs
- Use of tables
- Use of percentages, percentiles, mean, median and mode
These will be preferred because they will make the data be well organized, presentable, precise and easier to read, comprehend and interpret.
