EC 315 Forecasting Methods
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This EC 315 Forecasting Methods course mainly deals with various sorts of forecasting methods which is discussed in short here. Every manager would really like to understand exact nature of future events to accordingly take action or plan his action when sufficient time is in hand to implement the plan. The effectiveness of his plan depends upon the extent of accuracy with which future events are known to him. But every manager plans for future regardless of the very fact whether future events are exactly known or not. That suggests, he does attempt to forecast future to the simplest of his Ability, Judgment and knowledge. Virtually all management decisions depend upon forecasts. Managers study sales forecasts, for instance, to require decisions on capital needs, the dimensions of the manpower, inventory levels, the scheduling of production runs, the situation of facilities, the quantity of advertising and advertisement, the necessity to vary prices, and lots of other problems.
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