History
How does forecasting base its projections?
By finding patterns in historical data
How is forecasting most commonly used?
By helping companies create budgets or plan their next steps
Why do companies look to forecasting for planning and budgeting?
Because sometimes the way we can predict the future is to look at the past
How long have humans used Forecasting?
How do you forecast when it comes to food?
You could base it off on historical quality, prices, the amount of food you get, this is a pretty easy one and you get the points if you just say the word historical
What kind of results does forecasting give you?
A range of outcomes
What is the difference between our current forecasting methods and the methods of the past?
We currently use statistics, future studies, predictive analysis, and structured qualified forecasts all looking for historical trends and patterns
Based on your own personal forecasting how do you think the next exam will look and what will you study?
Is it a good answer? if they just said 1 thing it's no points
What are the 3 main negative impacts that happen when you get inaccurate data
1. short term spending decisions
2. decisions regarding key deals
3. Investor relations and expectations
How do careers in Finance and Accounting use forecasting?
They use forecasting as the basis for budgeting and cost control
Tell a 3 minute story about how you looked at historical trends to change your behavior sometime this semester
Was it a good story?
Name 4 of the careers I mentioned that require forecasting
Services, Retail
Inventory Optimization, Assortment Planning
Financial Advising, Accounting
Strategic Planning, Sales
How many times have I used the word forecasting in this presentation
63, whoever gets the closest takes the points
during a tie, the winner will be whoever can show me a picture of a cute puppy first
Name 2 majors at Acu that will never use forecasting for any reason
- English
- Bible
-Undetermined
How does forecasting raise awareness into how there could be changes in the industry
By visibly looking at current and historical data trends you get a better sense about the potential range of outcomes