Techniques of Forecasting - GeeksforGeeks (2024)

Forecasting: Meaning, Nature, Planning and Forecasting, Importance and Limitations

What is Forecasting?Forecasting involves making educated guesses about future events that could affect a company. Businesses can predict sales, finances, customer demand, and market changes by examining past data, trends, and patterns. Forecasting helps companies make decisions, plan, and manage risks. Methods include analyzing historical data and

Steps of Forecasting

What is Forecasting?Forecasting is about making smart guesses about what might happen in the future by looking at past information and patterns using math-based methods. It's important for making choices, planning, and dealing with risks in areas, like business, money matters, economics, and even weather forecasts. There are two main types of forec

Difference between Planning and Forecasting

Planning and Forecasting are both essential components of management, but they serve different purposes and involve distinct processes. Planning is deciding in advance what to do, how to do it, when to do it, and who is to do it; whereas, Forecasting involves making educated guesses about future events that could affect a company. What is Planning?

Difference between Forecasting and Budgeting

Forecasting and Budgeting are essential tools for financial planning, management, and control in organizations, each serving distinct purposes and methodologies. Forecasting involves making educated guesses about future events that could affect a company; whereas, Budgeting is the process of outlining the estimated income and expenses over a specif

Difference between Forecasting and Prediction

Forecasting and Prediction are often used interchangeably. Forecasting is a process of making predictions or estimates about future events or conditions based on past and present data, trends, and patterns; whereas, Prediction is the process of forecasting or estimating future outcomes or events based on available information, data analysis, and in

Techniques of Control- PERT and CPM

Techniques of control are vital for effective management and achieving organisational goals. These techniques include financial control, quality control, inventory control, process control, strategic control, and personnel control. They involve managing financial resources, ensuring product/service quality, optimizing inventory levels, enhancing op

Techniques of Scientific Management

Scientific management means the use of scientific methods to solve the problems of management. It is the art of knowing exactly what you want your employees to do and seeing that they do it in the best and cheapest ways. It involves the study of each activity in detail and doing the work in such a manner so that work can be completed effectively an

Sales Promotion: Merits, Demerits and Activities/ Techniques

What is Sales Promotion? Short-term incentives, which are offered to encourage the buyers to make an immediate purchase of a product or service is known as Sales Promotion.Sales Promotion helps to boost the sales of a company. It also aids other promotional efforts, such as advertising and personal selling. All the activities that provide short-ter

Comparative Statement: Meaning, Importance and Techniques of Presenting Financial Statements

Financial Statements are prepared to know the profitability and financial position of the business in the market. The content of a financial statement does not reveal the earning capacity, financial soundness, and liquidity of a company. The users cannot easily understand them; therefore, the data is analysed for presenting it in a simple and under

Organizational Development (OD) Intervention Techniques

Organizational Development (OD) is a field dedicated to enhancing organizational effectiveness and driving positive change within organizations. It encompasses planned and collaborative efforts aimed at strengthening an organization's capacity to thrive in a dynamic environment. OD incorporates diverse theories, models, and techniques to foster imp

Group Decision Making Techniques

What is Group Decision-Making?Group decision-making is defined as a process where a group of people communicates with each other, to make a decision. It is called collective decision-making because this type of decision-making involves groups. All the concerned people sit either together or remotely to communicate about the potential solution to th

Job Design - Characteristics and Job design Techniques

What is Job Design?Job Design is defined as a process of deciding on a job's duties and responsibilities, as well as the techniques, systems, and procedures that will be used to carry out the job. The job design also lays down the relationships that are required between the job holder and his superiors, subordinates, and coworkers. The practice of

Techniques for Generating Ideas

Generating Ideas is one of the most important concepts when it comes to creative problem-solving and innovation. In this highly changing world, generating ideas to solve problems is a great trait to have. There are certain techniques for generating ideas that can be useful. Whether the individual is an Entrepreneur, a Designer, or anyone who is fac

6 Creativity Techniques to Foster Creative Thinking

Creativity in decision-making is described as a vital element for successful problem-solving, especially in unique and non-repetitive situations where past experiences are insufficient. The definition of creativity is given as the ability to think originally and produce something new or novel. It involves generating unique or unconventional associa

Techniques of Lean Manufacturing

What is Lean Manufacturing?A production methodology that strives to optimize efficiency and limit waste within manufacturing systems is called Lean Manufacturing. The core principle involves the reduction or elimination of non-value-adding activities and waste, as determined by customer criteria. Often referred to as lean production, this approach

Cross-Selling: How it Works, Examples, Benefits & Techniques

Cross-selling is a sales technique where a company encourages customers to purchase additional products or services related to the item they are already buying. It involves offering complementary or related products that enhance or supplement the original purchase. For example, if a customer is buying a smartphone, a cross-selling opportunity might

Techniques of Inventory Control

What is Inventory Control?Inventory control is the process of managing and overseeing a company's inventory. It involves monitoring and managing the flow of goods from manufacturers to warehouses and then to retail outlets or directly to customers. The primary goal of inventory control is to ensure that the right amount of inventory is available at

Sales Management: Meaning, Working, Types and Techniques

What is Sales Management?Sales Management involves strategic direction, motivation, and guidance of individuals to accomplish sales goals effectively. The sales manager oversees every component of the sales process, including tasks such as predicting and allocating sales revenue, hiring and training sales staff, and conducting performance assessmen

Crisis Management: Techniques and Programmes

Crisis management is a strategic approach employed by individuals, organisations, or governments to navigate and respond effectively to unexpected and potentially damaging events. It involves a range of actions, processes, and plans aimed at minimizing the negative impact of a crisis and swiftly restoring stability. A crisis can take various forms,

How to Delete PhonePe History?

While maintaining a transaction history is helpful for tracking expenses, you might want to remove certain entries for privacy reasons. Unfortunately, due to RBI regulations, directly deleting your PhonePe transaction history isn't currently possible. Steps to Contact PhonePe SupportStep 1: Open the PhonePe app and log in to your account. Step 2: N

Journal Entry Questions and Solutions

A journal is a book of original entries in which transactions are recorded, as and when they occur. The journal provides data-wise records of all the transactions and the amount of each transaction. Everyday transactions are recorded in a journal chronologically, giving a complete picture of the transaction in one entry. A journal recording is base

Components of Computer

A computer is an electronic device that accepts data, performs operations, displays results, and stores the data or results as needed. It is a combination of hardware and software resources that integrate and provide various functionalities to the user. Hardware is the physical components of a computer, such as a processor, memory devices, monitor,

CBSE Class 11 Microeconomics Notes

Microeconomics is the study of households', individuals', and firms' behaviour towards the allocation of resources and the decision-making process. In short, it deals with the choices made by people and the factors affecting their choices. GeeksforGeeks Class 11 Microeconomics Notes have been designed according to the CBSE Syllabus for Class 11. Th

Elements of Communication Process

The process of exchange of ideas, views, facts, feelings, etc., between two or more persons in order to reach a common understanding is known as Communication. "Communication is the sum of all things, a person does when he wants to create an understanding in the minds of another. It involves a systematic and continuous process of telling, listeni

Journal Entries

A Journal is a book in which all the transactions of a business are recorded for the first time. The process of recording transactions in the journal is called Journalising and recorded transactions are called Journal Entries. Every transaction affects two accounts, one is debited and the other one is credited. ‘Debit’ (Dr.) and ‘Credit’ (Cr,) are

Levels of Management - Top, Middle and Lower

The chain of superior-subordinate relationships is known as the Levels of Management. The three levels of management are Top Level Management, Middle-Level Management, and Operational Level Management. Management is a group activity, which means that every organization has a number of individuals placed at different positions and are provided with

Functions of Management - Planning, Organising, Staffing, Directing and Controlling

Management is the process of planning, organising, staffing, directing, and controlling the available resources effectively and efficiently for achieving the goals of the organisation. These interrelated elements of the management process are called functions of management. Functions of management are differentiated into two parts managerial functi

14 Principles of Management by Henri Fayol

Principles of Management are like a guidebook for leaders to run a company well. They help managers make plans, organize tasks, and motivate teams, and, they serve as frameworks for managers to deal with the difficulties of leading people and achieving goals within an organization. Principles of Management cover a diverse range of concepts and prac

Journal Entry for Discount Allowed and Received

A discount is a concession in the selling price of a product offered by a seller to its customers. According to nature, there are two types of discount: A. Discount Allowed B. Discount Received A. Discount Allowed: When at the time of sales or receiving cash, any concession is given to the customers, it is called discount allowed. Journal Entry: Ex

Journal Entry for Sales and Purchase of Goods

Goods are those items in which a business deals. In other words, goods are the commodities that are purchased and sold in a business on a daily basis. Goods are denoted as 'Purchases A/c' when goods are purchased and 'Sales A/c' when they are sold. Goods Account is classified into five different accounts for the purpose of passing journal entries: